mortgage assumption - Posted by Bob

Real Estate Investing
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Posted by GL(ON) on March 04, 2002 at 15:14:46:

What some people overlook is that you can assume ANY mortgage if you have the lender’s approval.

If your credit rating is good and you qualify for a mortgage why wouldn’t they let you assume it?

Now as for the cost and time involved that will vary with lender.

YOu can also take over subject to, or with an Agreement for Sale (Land Contract), with a trust.And/or with a wraparound mortgage. Many different ways, of varying degrees of riskiness.

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mortgage assumption - Posted by Bob

Posted by Bob on March 04, 2002 at 13:01:17:

What is the process for taking over someone’s mortgage - one that’s not assumable in the old sense? I keep hearing about people assuming the financing on a property, even though it’s not one of the traditional “assumable” loans. Help me see this. Thanks.