Re: Buying a home..
Alright so a girl I know was telling me that she bought this house in Brooklyn.. it was almost on foreclsoure, and whatever mortgage the previous owners had was transferred to her.. she paid off the house in 4-5 years and now is renting it out and is earning a pretty decent amount per month..she told me that now, the houses worth is in the millions..
So my Q is… is this common [buying house on foreclosure]? And what xactly is forclosure? Is transferring mortgages possible? It almost seems too easy/too good to be true.. i’m not sure if she was BSing me or what… any light shed on this wud be appreciated:)
It seems like its getting really difficult to buy a home in NYC.. :hinna: