Posted on: 03rd Nov, 2011 11:52 pm
Hello experts!! I am selling off my property on my own as I thought I wouldn't be able to pay off the mortgage for longer. The buyer is a person whom I personally know. I wanted to ask whether I can ask him to take over the mortgage or is it that I have to pay it back to the lender?
Hi Galeo,
If your mortgage documents mention that you can assume the mortgage, then the new buyer can assume it provided he/she meets the required criteria of the lender. Assuming the mortgage will be a good option provided your rates are low and loan term is good.
Take care.
If your mortgage documents mention that you can assume the mortgage, then the new buyer can assume it provided he/she meets the required criteria of the lender. Assuming the mortgage will be a good option provided your rates are low and loan term is good.
Take care.