Posted on: 15th Feb, 2012 08:04 am
After you have someone to assume the loan will that loan still be consider a simple assumption; in other words could the buyer have someone else to assume the loan without qualifications?
(once a simple assumption always a simple assumption)
(once a simple assumption always a simple assumption)
You would have to ask the bank with whom you want to get the mortgage with.
Some loans do have an assumption feature that allows this, but not many. And assumptions are never a good idea for the seller. You need to go through a property purchase transaction or execute contract for deed so that you can complete that and in future gain ownership of the property.
:idea:
Some loans do have an assumption feature that allows this, but not many. And assumptions are never a good idea for the seller. You need to go through a property purchase transaction or execute contract for deed so that you can complete that and in future gain ownership of the property.
:idea:
Get a copy of the loan papers (note) from the seller to see exactly what the terms of the loan are. It is very important that you fully understand this documentation.
