Posted by Ben in Ohio on May 04, 2000 at 06:45:20:
He wants to assume the existing loan, but due to BK three years ago, bank won’t allow the assumption until December. Funny thing is the friend of mine is a loan officer at a mortgage company.
Land Contract/Assumable Mortgage - Posted by Ben in Ohio
Posted by Ben in Ohio on May 03, 2000 at 13:19:03:
I have a friend of mine who purchased a home on land contract (not from me)three years ago. The loan of 128K is assumable. However, his credit is not good enough (according to the lender) for him to assume the note. The lender did say he could do it in December–this is due to a BK a few years ago. The seller of the home would like his name off the note in order to purchace other properties. How can this be structured, if at all? Thanks in advance
Re: Land Contract/Assumable Mortgage - Posted by Jim IL
Posted by Jim IL on May 03, 2000 at 15:49:52:
Ben,
A Land contract if shown to the sellers new lender, will negate the Debt, as the payments recieved are usually counted 100% toward the debt.
I do not see why the seller on this deal is having trouble getting financing for new homes?
Perhaps it is time to refer this seller to another mortgage broker?
Just my random afternoon $.02,
Jim IL
Re: Land Contract/Assumable Mortgage - Posted by Glenn-OH
Posted by Glenn-OH on May 03, 2000 at 13:39:17:
Co-signer on assumption? I don’t know if it allowed, but it might be worth asking.