Posted on: 16th Nov, 2009 08:35 am
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No, all loans are not assumable. That is incorrect. Also, if she stays on as a co-signer, then you are not assuming the loan. She will still be fully responsible for it.
what's happening, marga, is that the lender is denying your request to assume this loan. you may well be better off in obtaining a new loan to pay off your mom's loan.
