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Existing Mortgage Going Balloon in 1 Year or Less

Luan Ngo's Avatar

Luan Ngo

02 Feb, 2011 07:19 AM

Hello,

Would mortgage assignment work if the existing mortgage is going balloon in a year or less? If I disclose that to buyers, would anyone want to buy that house?

Isn't this the common problem of most pre-foreclosure houses?

Appreciate any answers.

Thanks,
Luan

  1. Support Staff 1 Posted by LAH Technical S... on 02 Feb, 2011 04:47 PM

    LAH Technical Support - Susan Franklin's Avatar

    Hi Luan,

    We've received your question/request and will be back with you shortly.

    Sam
    LAmh Support

  2. Support Staff 2 Posted by Brittney Rogers on 14 Feb, 2011 09:40 PM

    Brittney Rogers's Avatar

    Good Afternoon Luan,

    This type of situation isn't really a good candidate for MAPS unless the buyer completely understands what's going to happen and knows that they'll be able to qaulify for a loan that will enable them to pay off the current one. It's not common at all in pre-foreclosure properties. Because a property is a pre-foreclosure doesn't necessarily mean that it has a balloon note. It just means that the current owner is behind on their payments. A pre-foreclosure property isn't a good MAPS candidate either because the further behind they get, the less likely you are to be able to find a buyer with enough money to bring the loan current, pay their closing costs associated with this type of transaction and to pay you an assignment fee too.

    Please continue to go through your training and I'm sure you'll find much more in depth explanations of these type situations.

    Welcome aboard!

    Sincerely,

    LAmH Support Staff

  3. Brittney Rogers closed this discussion on 14 Feb, 2011 09:40 PM.

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