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Can I assume a loan that is in foreclosure?

December 27, 2007

I am a renter of this property for 6 1/2 years paying $1645/mo. The owner is willing to sell to me before foreclosure is finalized. I am a retire veteran with $5000+ income per month. This loan is serviced by America's Servicing Company for the Bank of New York. Is it possible to assume this loan in order to remain here because both my wife and I have health problems which preclude an emergency move. If possible recommend any other solution feasible for us to expedite an end to this problem.

Comments

DO NOT GET INVOLVED WITH ASC. It will be the worst decision you ever make. This company is the absolute worst. There is no business conscience people and they are only concerned with making sure you get screwed. It is amazing how much they will do to make sure to screw the customer. ASC will make sure you foreclose by the time you are done with them. I repeat DO NOT DEAL WITH ASC!!!!!!!!! I suggest reading some of the experiences on the internet. I have posted some of my own. I am not a low life loser with no education or bad credit. Even with a credit score of 800 and a high level position ASC has effectively taken everything I have as far as money is concerned. I cannot stress the animosity I have to ASC enough. It is appalling and if there were ever any way to get recourse I will find it. It is in every one's best interest to never have to go through what I have. Save yourself and do not deal with ASC.

Posted By Julie Webb on March 25, 2008 at 02:24 AM

The ASC is a very dangerous servicing company.There are incapable of working honestly with borrowers. The company has no guidelines on how to do anything.Most of their agents do not know what one another is doing. They make different statements when you ask about the progress of whatever is going on with your loan.The left hand dose not know what the right hand is doing. This is sad.

Posted By Ferdinand on October 15, 2008 at 05:40 PM

After negotiating with ASC for almost 6 months they foreclosed on us. We received a letter stating that we had 30 days to vacate the property & it was going up for auction. I find out three years later that the home is still showing up on my credit report as if I still live in it & not has a repossesion.

Posted By Naomi Foster on November 01, 2009 at 06:39 PM

How to avoid Foreclosure

Do you want to save your home?

Stop Foreclosure News

Can I assume a loan that is in foreclosure?

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