assumable mortgage - Posted by Thomas

Posted by GF on May 21, 1999 at 07:04:36:

Maybe The Bank Of Boston is assuming that the Assumable mortgages that were not assumed should be consumed?

In other words, they may want to purge their liability in not honoring the current outstanding assumable mortgages. If some of these are FHA, they must honor the loan.

assumable mortgage - Posted by Thomas

Posted by Thomas on April 08, 1999 at 14:58:36:

Recently I found a property with assumable mortgage from Bank of Boston. When mortgage was created in late 80’s is was created as assumable mortgage. I just found out that the lender - Bank of Boston will not allow anyone to assume their assumable mortgages. Isn’t it strange ?
Please let me know is you encountered similar problems.



Re: assumable mortgage - Posted by Kenneth

Posted by Kenneth on April 15, 1999 at 16:42:49:

Go back to the course and look at Wrap around Mortgages “all enclusive trust deeds” if it is an assumable mortgage then there should not be a “Due on sale clause” it might be worth your time.
Using this could you re-work the mortgage to work for you ?

Re: assumable mortgage - Posted by KF_AZ

Posted by KF_AZ on April 08, 1999 at 16:56:49:

I have no track reccord with B of Boston, however, I can share with you that there are 2 types of “assumable” mortgages that I know of…1)qualifying and 2)non-qualifying. On the qualifying assumable, you have to qualify just as if you were going for new financing. On the non-qualifying assumable you can just convert to your name and start making payments. With that said, maybe they are referring to the fact that you must still qualify before assuming the mortgage. Just my .01 cent.