Posted on: 22nd Mar, 2009 12:56 pm
assumption loan towards transfer property
hi papadukes,
you will have to check whether the loan is assumable or not. whether the loan is assumable or not will be mentioned in your mortgage doc. moreover, you should note that loan assumptions take place only when you are selling the property to someone else and want that person to assume the responsibilities of the loan. if you are transferring the property, you will have to ask that person to refinance the loan in his/her name.
thanks
you will have to check whether the loan is assumable or not. whether the loan is assumable or not will be mentioned in your mortgage doc. moreover, you should note that loan assumptions take place only when you are selling the property to someone else and want that person to assume the responsibilities of the loan. if you are transferring the property, you will have to ask that person to refinance the loan in his/her name.
thanks