Posted by GL on January 25, 2002 at 10:45:09:
You can assume a non assumable loan by going to the lender and basically qualifying for a new loan. What they are really after is to protect their investment. If the new borrower is as creditworthy as the old one why wouldn’t they do this? The alternative is they would lose a customer as you would get the loan somewhere else.
If you would not qualify for a loan (which is what they are afraid of) you can skate around the due on sale clause by buying subject to, using a trust, buying on a land contract etc. Most of the time they don’t really care as long as they get their money. If you make the payments they will probably let you alone.
One of the real bulletproof trusts costs $2000. I was told this by the guru who promotes them. At that price you may as well get the loan in your name.