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.