Assuming a home loan..

Strych9 · Jul 8, 2010

I've got a house in Newnan that I lived in for 3 years, and I've been renting out for the last year. I'm tired of it, and really just want to get it off my hands and move on to other things. As we all know, houses just are not selling, and I have the paper work from my mortgage company for anyone who may want to assume the loan.

Are there any penalties for me, as the current owner for having someone assume it from me? It seems like a simple process, but then again I don't know much about this type of thing.

Twenty five ought six · Jul 8, 2010

There are potential penalties, the existence and extent of which can only be determined by reading the loan papers.

You need the consent of the loan company for someone to assume your loan, and without a complete re-finance by the purchaser, you are still liable on the debt.

This is definitely not a DYI project.

mike bell · Jul 8, 2010

We are trying to take over my dads loan on his property. He died almost two years ago now and we have been dealing with Chase for seven months. My sister lives in the house so she pays half and I pay the other half.

We just want to keep paying the note, the banks wants us to get a new loan in our name, but theres no way we can do it right now. But we can make the payments so I guess we will see what happens. ::;

Strych9 · Jul 8, 2010

Thanks for the info yall.

Doyle · Jul 8, 2010

Most mortages these days are non-assumable. Meaning that if you sell the house, the bank has the right to call the note due and payable immediately. You can sell it on a contract-for-deed (which is like a house version of rent-to-own) but you are still 100% liable to the bank for the payments.

Assuming a home loan..

Strych9

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