Profile picture for mik333

Is it possible to assume a mortgage? Can someone find me a house to assume the mortage on in 92867?

  • February 07 2012 - Orange
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Answers (9)

Profile picture for Massoud Balbas
Assumable loans are past history. However, there is a technique known as subject to the existing loan, which is basically taking over an existing mortgage. In this scenario, the owner remain responsible person for the loan and you pay the mortgage, tax and insurance for the property. Now the issue is if you stop paying any of the fees the owner will run into problem and for this reason not many owners are willing to leave themselves vulnerable.
A safer method would be to lease with the option to buy.
Good Luck.
  • October 16 2013
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The lenders I've worked with have said this is no longer a practice.  Be careful, too, about simply taking over someone's payments.  There are acceleration clauses in most (if not all) mortgages the lender could call upon and call the loan (if/when they found out the loan was being paid by someone else). 
  • May 19 2013
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I don't know of any loans that will allow you to assume a mortage. Too many people were getting burned. When the new buyer defaulted, it hit the sellers credit. And, why would you want to buy into a seller's problems. Not all sellers have issues, but with all the short sales and foreclosue issues, it's too risky. I advise against it 1,000%.
  • May 19 2013
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Seller financing is an option on some properties. We can answer better if you make it clear what problem you are trying to solve for yourself: Getting a good deal? Not having a down payment saved up? Credit not good enought to qualify for new loans.

Trying to guess what problem the seller might have that you can solve so that you get what you need won't be as effective as putting out the information:"This is what I need. This is what I have to offer.  Anybody have  a need that makes this win/win for both of us?
  • February 07 2012
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Profile picture for mik333
Thank you everyone. I guess my goal was the find a house with a mortgage paid down then assume to save the borrower a foreclosure.
  • February 07 2012
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Profile picture for jimstarwalt
Assuming a mortgage will still require you to qualify for a mortgage through the servicing lender. There is no Way that the loan you are assuming is at the same or lower interest rate than you would pay at today's rates. So, if what you are looking for is a loan because you don't quaily in the traditional manner, this not going to work for you either. Jim
  • February 07 2012
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You also have to credit qualify. If credit is your issue, assumption is not a solution. I can't imagine what Lender's may be putting people through to assume a mortgage. In all likelihood, it will not be any easier than obtaining a new one.
  • February 07 2012
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Profile picture for mik333
What about seller financing?
  • February 07 2012
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Profile picture for Sharon Lewis
Its possible but very rare and to find you that would take a huge amount of work and then you would have to 'like' the home. Why not simply work with a lender, to find out what you can afford. If your credit it not great right now, work on getting it fixed. Assuming a mortgage could potentially mean you are paying higher interest rates, as you are assuming someone elses mortgage.
  • February 07 2012
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