Posted by Hannah Renee on October 27, 2003 at 12:32:17:
I found the answer on the first part - The banker is not allowed to disclose confidential information about a client.
Assuming a loan - Posted by Hannah Renee
Posted by Hannah Renee on October 27, 2003 at 10:24:06:
A couple questions regarding assuming a loan. There is a place for sale, on 3 different lots (3 duplexes, 3 homes and a trailer) for 305K. The loan is assumable, but they want 30% down (a bank has the property). Any ideas on how I can get that 30% down? Can’t I just go to a bank and get a loan for 30K or whatever? Second question: the bank will not tell me the loan terms…interest rate, etc? How can they not tell me that? Would anyone in their right mind assume a loan without knowing the terms?
Re: Assuming a loan - Posted by Dimpil
Posted by Dimpil on October 27, 2003 at 19:18:59:
Yes you can ask a banker to loan you the money.
Hannah is right about the 2nd part. However you can ask the seller to see the note. You have get an authorization to release from the seller.
Re: Assuming a loan - Posted by jasonrei
Posted by jasonrei on October 27, 2003 at 13:35:38:
Why do you think a bank owns the property?
Perhaps the current borrower is in default and the bank is helping them sell it?