Mortgage question

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Wannabeachday

Posted: 1/15/2010 7:18 PM

Subject: Mortgage question

New WomanSaver
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Katy
Texas
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Anyone know anything about loan assumptions? The pros and cons!?!?!

malarkey marie

Posted: 1/16/2010 12:45 PM

Subject: Mortgage question

WomanSaver MoFo
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Vatican city
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i know only enough to know that i would never do it with out complete legal advice.

supermom21664

Posted: 1/16/2010 3:15 PM

Subject: Mortgage question

WomanSaver MoFo
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BFE
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Wannabeachday wrote:

Anyone know anything about loan assumptions? The pros and cons!?!?!

PM Busty, she is in finance. I like Malarky would not do it with out sound legal advice.

Busty Superior

Posted: 1/16/2010 7:05 PM

Subject: Mortgage question

WomanSaver MoFo
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I guess my first question is are you assuming the loan or are you thinking of letting someone else assume the loan? I don‘t have any experience hands on. I would consult a mortgage specialist or google it. My understanding is that the loan must be set up originally to have the option of assumption. Banks don‘t usually like not having a finger in the say so of who it transfers to. I would sure inquire as to whether or not you‘re liable in any way if the assuming party defaults.

Sunny fl

Posted: 1/17/2010 5:27 PM

Subject: Mortgage question

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sunshine and daisies
Wyoming
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Wannabeachday wrote:

Anyone know anything about loan assumptions? The pros and cons!?!?!

I have Assumed a mortgage before,

If you would like to PM me with your question I will see if I can help.

malarkey marie

Posted: 1/19/2010 7:53 AM

Subject: Mortgage question

WomanSaver MoFo
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Busty Spumonte wrote:

I guess my first question is are you assuming the loan or are you thinking of letting someone else assume the loan? I don�t have any experience hands on. I would consult a mortgage specialist or google it. My understanding is that the loan must be set up originally to have the option of assumption. Banks don�t usually like not having a finger in the say so of who it transfers to. I would sure inquire as to whether or not you�re liable in any way if the assuming party defaults.

i had a friend that gave his fellow veteran a assume on his old house. my friend ended up having to take back the loan and make the payments after the buddy defaulted.

overandout

Posted: 1/25/2010 2:45 AM

Subject: Mortgage question

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spokane
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I was reminded once that I was not a bank.
there‘s a reason big business does big loans. I would tread very very cautiously. so many things cannot be covered legally without having an attorney or mortgage loan officer involved and someone could suffer greatly as a result.
and, it‘s almost impossible not to lose a relationship if it‘s personal.
is there some particular reason for assuming the loan instead of going through the normal route?
there is a lack of protection. that‘s concerning. IMHO

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