Posted by Franklin on September 08, 2003 at 19:43:29:
I assume this is a VA loan or a really old loan? Most lenders won’t write assumable loans anymore. Might want to double check that and look at sub-to if it’s not assumable.
mortgage brokers snubbing me - Posted by Star
Posted by Star on September 08, 2003 at 12:17:00:
Hi everyone,
Well, luck of all luck…remember my post of a month ago, “mtg brokers snubbing me”. I just got a call from the owner to assume the mtg instead of me looking to get new financing. Which is the best or most creative way to do this? The owner lives in another state(province). Is this done at the bank or can a attorney do this in his office? I guess the owner will deed me over the house with it’s existing mtg and hold a second mtg. of 30k for the equity payable in 2+years. Do I need to qualify for the bank or will my 3 year record of timely, up-to-date payments be enough. What about the due on sale clause and can this be done even though we live states apart. I understood, signings had to be done with both parties physically at the table. Please set me straight, as I am still learning. I know these are a lot of questions to answer, but I will know next time around. I’d just like to assume the mtg, get it notorized and sign a note for the 30k. This is my chance of a lifetime. I’m excited and nervous. Thank-you, oh, and by the way, the seller and I have built rapport. Thats a good thing.
Star