Legal Question in Real Estate Law in New York

Buing a house by taking over the existing mortgage?
I have been reading and hearing about these companies who say ''buy7 this house with no credit check, no money down, just take over the payments.'' I can't find anyone wo has done this or any other information about what exactly this is.

Could this be a ''short sale?'' And if so, what does that entail.

Is this a legal thing? One company in particular says ''give us $198, view houses with pics on line and then contact the agent who will take you to see the home. You'll be in th house within 30 days. No money down and no credit check.''

Does this sound legit? Thank you.

Asked on 3/08/08, 7:16 pm

Debra Palazzo Law Offices of Debra Palazzo, LLC

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Re: Buing a house by taking over the existing mortgage?

No. Sounds like a get rich quick scam except it's the company getting the 198 who gets rich!

Answered on 3/09/08, 10:02 am

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