Posted by bryan on July 16, 2003 at 22:06:59:
a possibility i have heard of is to have the seller place the property into a trust [ for estate planning purposes] and then asign their interest in the trust over to you, in essence making all mortgages “assumeable” and avoiding the due on sale clause. i have not done this myself but have heard it works well.
Assumeable Mortgages - Posted by Shawn Michael
Posted by Shawn Michael on July 14, 2003 at 13:53:59:
Any help would be a blessing…thank-you…
Situation is …have the oppertunity to pick up a great 2 fam investment for 150k, which appraises for 220k easy, My best friend and he wife, and myself do not have stellar credit, and would like to do a joint venture. I figured on an assumable mort as an option…I do hear even if an exsisting mort is NOT assumable , people have asked co’s to make it assumable…any info on terms of this option, and whats required.
Shawn/NJ