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why is my loan not assumable?

I have an FHA loan that I refied to a rate of 3.75 a few months ago. my loan was sold to pennymac as a servicer and all payments made on time. I found someone interested in assuming my mortgage at the current rate so I could move on and get a bigger house. My servicer pennymac has been an absolute nightmare to work with. At first they told me I had to do a modification first in order to do an assumption. I filled out about a 30 page packet and waited. Noone ever called me back and then I was told that they dont do loan assumptions. If all FHA mortgages are assumable, shouldnt all servicers be required to let someone assume it. I feel im not getting one of the benefits of my mortgage. Doesnt seem very fair.
  • October 02 2012 - US
  • 0Yes

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