Posted by John on June 09, 2005 at 06:45:57:
Assumable mortgages stopped back when interest rates were rising. the lender was stuck with a loan locked at a low rate with a couple different owners. Now a new owner will have to get a new loan at current rates.
Assumable mortgage - Posted by jeff
Posted by jeff on June 07, 2005 at 07:02:28:
is there anyone out there who still writes assumable mortgages? if not, why not…
Re: Assumable mortgage - Posted by Michael
Posted by Michael on June 07, 2005 at 08:03:53:
Jeff, Not too many lenders write them. Reason is because if the borrower gets in trouble and goes into foreclosure… They can transfer ownership via Quick claim deed and if the mortgage is assumable then borrower can call and have the billing address changed and then the lender is stuck with a buyer that they know nothing about…
Re: Assumable mortgage - Posted by James Harris
Posted by James Harris on June 07, 2005 at 14:10:22:
Micheal, that is a “QUIT-Claim” not quick claim. This can still be done, I’ve heard of some people stealing property with this document. It’s really hard to say why most lenders don’t offer assumable loans anymore. I assume that it’s because the person(s) assuming the loan may be somebody who may not pay their bills and /or the banks wants to make sure that the payor qualifies.