Posted by Willie on August 09, 2003 at 13:10:07:
I am afraid you are unlikely to qualify with the mortgage company to assume the mortgage. You can certainly try, but usually they are looking for the same qualifications as the original maker. Your best bet is probably to buy it subject to the mortgage and have the maker sign a letter to the mortgage company stating you are the agency who will be making the payments for him and to send all correspondence to you at address —. This has worked for me. Be sure the seller understands he will be liable, just as he most likely would be if you assumed it.