Mortage Assumptions - Posted by Jeff

Posted by James Harris on April 02, 2006 at 07:50:29:

First, you’ll need to find out when the mortgage was done. I believe that mortgages made after 1988, (I think, could be 1978) were not assumable. Unless they were private loans, then they might.

I guess I don’t quite understand the question on how conventional financing works on 50% Ltv. If you’re trying to buy the property, I would suggest that you might try getting the seller to refinance t5he property then you would lease-option the property from him.

Mortage Assumptions - Posted by Jeff

Posted by Jeff on April 01, 2006 at 22:09:57:

Questions on mortage assumptions. What is the way to find out terms of current mortage and if it is assumable? Seller or who holds mortage?

How does financing work if you need conventional financing for the other 50% of selling price?

Wording in contract?

Anything else that is needed to know? Never done an assumable mortage before and just getting particulars at this point to expand my options.