possible short sale or assumable?


I am completely new to short sales and assuming mortages. I called a laborer i knew to see how busy he was and he informed me that his neighbor’s mother died and her house is late on 8 payments. I don’t know how accurate the info is, but he will call me back with contact info and an address later. He said she would prolly be willing to just let me assume the mortage if it is assumable.

What would be the way to go about this? Should I wait for foreclosure and try a short sale or try and take over the mortage? Does it just depend on the equity involved? Can you offer a bank a buyout on a late mortgage?

I will come back with details as soon as i find out more. I just wanted to get a thread started. :slight_smile: TIA

Motivated Newb

If she’s dead, how are you going to get her to sign an assumption? If she’s dead, it’s all headed to an heir or to an estate.


hehe, the daughter that i have mentioned above now owns the property

If she owns it, why isn’t she paying?

Does she want to sell? Even if the note is not assumable, she may let you do a “Sub2”…

A short sale will depend on the equity.


You need to find out exactly whats owed. This may be a good Sub2 deal. You may be able to setup a workout arrangement with the lender for the back payments.

Remember there is a fee charged by the lender to assume a mortgage and you will have to qualify.