Upcoming Foreclosures

Can the mortgage on a REO be assumed?

I found a nice foreclosure that is bank owned. I want to snatch it up before anyone else does. However, I still have a mortgage on my present home (I cannot sell it). I think that the only way to get the foreclosed home from the bank is to assume the mortgage. But do banks do that?

Public Comments

1. There isn't any mortgage to assume, even if they did.
2. There IS no mortgage on an REO. It is bank-owned because the previous owner defaulted on their mortgage.
3. as others said, there is no mortgage. bank owned means just that...it's bank owned. chances are, if you went to the bank with this idea, they would laugh you out of the place.
4. Your question is confusing. If you have a home with a mortgage, while it's possible the loan is assumable, you'd need to read your mortgage documents when you purchased, or call the lender and ask. If the loan is NOT an assumable loan, then no - you can't change that. So I'd say NO to your question.
5. If you apply to take out a second mortgage for this property, the bank will look at the outgoings you have now, see if your house has any equity on it basically calculate if you can afford the extra payments.