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what rights do the former owners have to our home

Posted on: 27th Jun, 2009 09:06 pm
my husband and i have an assumed loan on our house. do we have to have the former owners permission to sell the house or change the house to just one of ours names after the divorce.
Pl specify type of assumption. Whether or not a loan can be assumed, and the conditions under which it can be assumed, are stated in the loan documents. These conditions are given below.

1. Simple Assumption:
It requires minimal work and cost. The buyer is allowed to take ownership of the property without providing any information on his/her credit history and income. In this method of assumption, the seller of the property remains liable for the repayment of the loan until and unless he obtains a release from the lender.

2. Qualifying assumption:
In this case, the loan can be assumed by judging the credit status of the buyer. The buyer's credit history and income are reviewed to find out whether he has the ability to repay the loan. In this type of assumption, the seller of the property cannot be held responsible for the repayment of the loan.

3. Due on Sale:
Such a condition does not allow assumption by another party. If the property is transferred in violation of the loan documents, the loan must be paid in full.
Posted on: 28th Jun, 2009 07:31 am
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