looking for someone to assume my mortgage

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Guest

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Post Posted: Tue Jan 27, 2009 3:52 pm    Post subject: looking for someone to assume my mortgage
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Hi All,

Does anyone know how to find someone to assume a mortgage. This is a summary of my situation: I owe $700K on my mortgage. I am current but am unable to keep paying the mortgage b/c I am not wokring. It is a 2 family and the tenants do not cover the mortgage. I have an offer for a short sale for 685K but would prefer for someone to assume the mortage so I don't take a hit on my credit and have income reported on my 1099. The house is in NJ and is a new construction. Oh and one more question, I was told the lender pays the broker commission in a short sale but does the lender take the commission off the sale price and consider that additional deficiency from the loan? Thanks for any assistance you can offer!

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Icon Mini Profile jameshogg
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Post Posted: Tue Jan 27, 2009 7:50 pm    Post subject:
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Hi Guest,

As far as loan assumption is concerned, either your spouse or someone from your family or friends can assume the loan provided they have a good credit score and income. As far as short sale is concerned, it affects your credit score and lowers it by 75-100 points but as you will have to pay the deficient amount resulting from the sale, it will not be reported on your 1099. I think, the broker commission is taken off from the sale price by the lender.

Thanks
Guest

Guest







Post Posted: Wed Jan 28, 2009 9:41 am    Post subject:
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Thanks for the info. Unfortunately my family member has bad credit so he won't be able to assume the mortgage. I am hoping that the lender will forgive the deficiency and that it will only be reported as income on my 1099 but I have not discussed details with them yet.
Icon Mini Profile jameshogg
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Post Posted: Wed Jan 28, 2009 11:43 pm    Post subject:
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Hi Guest,

You should first speak to the lender and check out with him if he is ready to negotiate with you or not. If the lender forgives the deficiency, then there are high chances that the lender will report this in 1099.

Thanks
baba

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Post Posted: Fri Jun 12, 2009 9:08 pm    Post subject:
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thank you
comred2@gmail.com

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Post Posted: Fri Jan 08, 2010 2:08 pm    Post subject: assume loan
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i will assume it what are rents??>?
Icon Mini Profile gmakerley
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Post Posted: Fri Jan 08, 2010 3:58 pm    Post subject:
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guest, do you realize that in an assumption you are still fully liable for the debt unless the lender specifically releases you from liability? you may not want to deal with it now, but you might be forced to in the future if you do what you plan. also, have you had any discussions with the lender about them allowing an assumption? they call the shots, after all.
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Sdillard

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Post Posted: Wed Jun 30, 2010 5:57 am    Post subject: I have an assumable loan
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Looking for someone to assume my mortgage. Owe $113500, home needs some repairs. Good fixed rate. I am looking to upgrade to larger home.
Icon Mini Profile sara
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Post Posted: Thu Jul 01, 2010 2:43 am    Post subject:
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Hi Sdillard,

You can request your friends or relatives to assume your mortgage. It will be their discretion whether or not they would assume the loan. If you find no one to assume the loan, then you will have to list the property in the market and sell it off. The sale proceeds will be used to pay off the mortgage balance. If there is a deficient balance, then you will have to pay it off from your pocket.

Take care.
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