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 robertsmith2005
Joined: 22 May 2009
Posts: 338
-0.53 Dollars($)
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 Posted: Tue Jun 16, 2009 7:34 am Post subject: assumable mortgage |
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| What is the meaning of assumable mortgage? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Tue Jun 16, 2009 7:38 am Post subject: |
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robert, an assumable mortgage loan is one that can be transferred from an owner of a property to the buyer. the buyer would have to be approved by the lending institution to be able to assume the existing loan. there are very few such mortgages available these days (fha predominantly), and i am of the opinion that it is dangerous practice for a homeowner to allow a buyer to simply assume the homeowner's obligation. i've seen people get burned in allowing someone else to take over a mortgage.
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George M. Akerley
Loan Consultant
860-221-5044 |
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gunzijjistaff
Joined: 07 Apr 2009
Posts: 603
14.18 Dollars($)
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| Posted: Tue Jun 16, 2009 9:37 am Post subject: |
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Hi robert.smith2005,
Welcome to our forum.
I searched for Assumable Mortgage & i think George Sir is given perfect answer.
Thanks & Regards.
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sunil87020
Joined: 04 May 2009
Posts: 251
0.05 Dollars($)
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| Posted: Tue Jun 16, 2009 10:59 am Post subject: |
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| An assumable mortgage is a loan that enables a buyer to take over a seller's mortgage when purchasing a home. Specifically, it is a mortgage that can be sold to a purchaser who promises to "assume" the mortgage debt. When a buyer assumes responsibility for a seller's existing mortgage, the buyer assumes all the obligations under the mortgage with no change in terms, just as if the original loan had been made to her. The mortgagee can, in turn, enforce the promise made by the purchaser in assuming the mortgage. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Tue Jun 16, 2009 11:00 am Post subject: |
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the mortgage is not "sold" to a purchaser.
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George M. Akerley
Loan Consultant
860-221-5044 |
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