Re: Assumable Mortgage - Posted by doug,KY
Posted by doug,KY on April 07, 2000 at 12:51:28:
Is the mortgage from a private party or from an institution? Ask how old the mortgage is? If it’s early than 1987 and if it’s a FHA or VA loan, you can assume with no qualifing. Later than that you’ll have to assume formally on the FHA or use another creative techinque. Ask the seller if you can see a copy of the mortgage and note. If there’s number at the top right corner of the mortgage instrument, chances are it’s a FHA loan. Read through the document. Older conventional mortgages have a clause number 17 (DOS), but not always.
If the owner’s don’t have a copy of the mortgage go to the county clerk office where they record deeds. You should find a copy of the mortgage along with the deed.
Also, you need to check the title to see if it’s clear or not before taking title “subject to”.