Posted by Branden on May 02, 2000 at 11:56:37:
Ed’s correct. Unless the loan says it’s not assumable, then it is. The only problem is that it’s pretty rare to find a newer mortgage that doesn’t have non-assumable language.
One item to mention that’s often overlooked with seller financing. If you’re looking at a property that was originally purchased via contract for deed, or with a seller-carried note, your seller will usually tell you that the person they purchased from won’t let you assume it. The great thing is, is if they didn’t specify non-assumble or insert a due-on-sale clause in their mortgage or note, then it is assumable, whether they like it or not. I’ve had several cases where my seller told me their seller wouldn’t allow assumption. When I looked at their paperwork it was evident that their noteholder had no choice.