jimoelfke asked:
If a house in NJ (not sure about other states but i live in NJ) is in a foreclosure listing, and I came in and paid the amount owed on this other house, would i then own that house?
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If a house is in foreclosure and I spent the amount owed would I then own the house?
21st Jun 09
Admin
eskimooinc.com
June 23rd, 2009 at 23:35
Only if the current title holder agreed! I’d seriously suggest getting an attorney involved to ensure you are actually buying the house, not just paying off someone elses debts….
rhsaunders
June 24th, 2009 at 19:02
This is a way to score if done properly. The key element is to get agreement from the lender for you to take over the property; modern loans have a due-on-sale clause that permits them to call the loan in if the property is sold to someone of whom they don’t approve. If the lender agrees, you can negotiate with the homeowner as to the terms of the sale, and if agreement is reached, you take over the house — and the mortgage.