Posted by Amy Leyva on March 09, 2005 at 12:08:44:
Any Info on freely assumable mortgages or houses for sale in or around Miami, FL would be greatly appreciated. I am not interested in the interest rate or anything else, we just want to assume a mortgage on just about any house. We are not picky! Thank You!
Assumable Mortgages - Posted by Alex
Posted by Alex on February 28, 2000 at 14:33:24:
Hello,
I noticed that Carlton Sheets talks about assumable mortgages a lot, in fact, on a CD, when talking to a seller he said: “I dont buy Real Estate that way” when the seller stated that he had a non assumable mortgage.
I just spoke to a mortgage banker friend and he said that it is very hard to fiind an assumable mortgage these days.
Can anyone comment on this?
Thanks in advance!
Alex
Re: Assumable Mortgages - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on March 01, 2000 at 10:00:10:
Another source of readily assumable mortgages is owner financing. Generally all mortgages are assumable unless the note itself says otherwise. In my area there is a lot of owner financing, mostly land contracts which are also assumable unless otherwise stated. I just never know until I (PERSONALLY< MYSELF) read ALL of the documents then and only then can I make an offer…Good luck…ED
Re: Assumable Mortgages - Posted by Chris
Posted by Chris on February 29, 2000 at 03:34:53:
Alex-
FHA and VA mortgages were fully assumable/no qualifying up until the late 80’s. I have to look up the dates if you need them. So basically they are still around-but are becoming more and more rare because the most recent one is over 11 years old. Many of them have been refinanced or payed off.
You can look in the seller’s mortgage paperwork to see if there is a due on sale clause which is a giveaway that it is not assumable unless you qualify with the lender.
It is possible to make any mortgage fully assumable utilizing a land trust. You can read some of the articles on this site to see if that interests you. A lot of your competition will avoid the non-assumable properties, so if you know what they don’t know you are ahead of the game.
If you go over to the main newsgroup and do a search through the archives using the terms LAND TRUST, DUE ON SALE, ASSUMABLE you will get some education.
-Chris
Re: Assumable Mortgages - Posted by C Blizzard
Posted by C Blizzard on December 05, 2000 at 11:10:20:
Please send me information if any about assumable mortgages in the southeastern region of Virginia thankyou
Re: Assumable Mortgages - Posted by Donna Fisher
Posted by Donna Fisher on November 28, 2000 at 24:11:32:
I actually have a question… We bought our home in 1988 with an assumable FHA loan then refinance in 1992 with the FHA/Streamline for a lower interest rate. Is our mortgage still assumable?
Re: Assumable Mortgages - Posted by chris
Posted by chris on November 29, 2000 at 02:28:22:
Assumable with qualifying if you do it the official way. The refinance paid off the old loan and the rules that the old loan had no longer apply. You will see detail in the loan documentation you received on the rules they have. If there is no due on sale clause then the loan is freely assumable. You can always use a land trust to get around the DOS.