Land Contract home in foreclosure

[maddielb]

What is the name of your state? Indiana

I am purchasing a home on a registered land contract and the owners filed bankruptcy on 9/23/02. They are not going to reaffirm on the house, so it will go into foreclosure. I am wondering what to do at this point. The land contract is up in Feb. 2003 and at that time, I was supposed to get a mortgage, which I planned to do. I would be willing to assume the existing mortgage, but am unsure how to proceed at this point. Please advise. Thanks.

 

[HomeGuru]

What is the name of your state? Indiana

I am purchasing a home on a registered land contract and the owners filed bankruptcy on 9/23/02. They are not going to reaffirm on the house, so it will go into foreclosure. I am wondering what to do at this point. The land contract is up in Feb. 2003 and at that time, I was supposed to get a mortgage, which I planned to do. I would be willing to assume the existing mortgage, but am unsure how to proceed at this point. Please advise. Thanks.

**A: contact the mortgage lender and tell them you want to buy the property via an assumption of the mortgage or obtaining a new mortgage. Do it right away before the foreclosure proceeds.

 

[BrokerRE]

You should follow HomeGuru's advice, it's right on the money.

Hopefully the balance of the mortgage does not exceed the balance you owe on your land contract.

Good Luck