Posted by jack on February 24, 2002 at 11:59:16:
When a mortgage is sold from one lender to another, none of the terms may change. If it was assumable before, it is assumable now.If it was not before, it is not now. Most variable assumable loans are qualifying assumable, which means that the person assuming the loan must qualify for it.
assumable loan in california - Posted by shelley
Posted by shelley on February 24, 2002 at 09:10:40:
Our loan was sold to another mortgage company. Our original broker told us that because our original loan was a variable interest loan, that it is an assumable loan. The new mortgage company that bought out our loan, says that they do not have an assumable department, and that none of their loans are assumable. The property is in California. Thanks for any help!!!