My neighbor just moved out and told me he isn%26#039;t paying mortgages. He promised to call back since I told him I am interested in talking to his mortgage company to possibily assume his loan (and purchase the house). Since he never calls back, is there a way to find out which mortgage company he is using? Will title search tells me this?
How to find out my neighbor%26#039;s mortgage company?
I don%26#039;t suggest you pay for a title search unless you are sure you want to buy the property, but the report would tell you the the bank that lent the money as mortgages are recorded just like deeds. Instead I suggest you go to your county court house and look it up yourself. It is a public record so therefor, free!
How to find out my neighbor%26#039;s mortgage company?
I doubt the company would discuss his mortgage with you, anyway.
How to find out my neighbor%26#039;s mortgage company?
Its highly unlikely you will be able to %26quot;assume%26quot; his loan....The only way to take title to the home is to buy it from your neighbor, which means getting a new mortgage for it......Its also highly unlikely the mortgage company will talk to you about his property, he would have to contact them and ask them if you could assume it.....They did away with assumable mortgages years ago.....Make an offer to buy the property, get a loan for it and hopefully you can take title to it....The advantage you have is, banks don%26#039;t want another foreclosure on their books and you will help your neighbor by taking the property off his hands and avoiding foreclosure....Best of luck!
How to find out my neighbor%26#039;s mortgage company?
Ask a friend that%26#039;s a Realtor to look it up. The listing will show who will be foreclosing on him. Banks also list fore closers on the mls. Mortgages are constantly being sold so what ever mortgage company he used has sold the loan since then and it%26#039;s possible a couple of different times. Also if you go to yahoo real estate then to foreclosers it will let you know if it%26#039;s( lis pendon) just type in your zip and look for your street.
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