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Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 6715
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
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What does "This home is in pre-foreclosure. Meaning the current

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What does "This home is in pre-foreclosure. Meaning the current owners are close to defaulting on their mortgage. You can move into and own this home by taking over payments before it goes into foreclosure." actually mean? Isn't there tremendous risk for the renter? Would the renter owe back payments? and with things the way they are now, how realistic is this? or is it a total scam?
Welcome and thank you for your question. I will be the professional that will be assisting you.

As long as the renter is not a named borrower on the mortgage, the renter would not be personally liable for the loan.

How is the renter going to own the property? When does title transfer? Pre-foreclosure generally means that the owners are behind on their payments, however, foreclosure has not been filed.
Customer: replied 3 years ago.

ok, that's what I thought - and, am right in thinking that not many loans nowadays are "assumable?" and why would someone move out of the house if it were just in pre-foreclosure? They could catch up on the payments and then the renter would be SOL, right? just askin'!

Not many loans are assumable. If title is transferred the renter would have title to the property.
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Thank you.

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