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how can I find out if my

Posted on: 18th Dec, 2006 02:18 pm
How can I find out if my mortgage is assumable or not?thanks
Hi Cuillon,

You will have to go through your loan documents to check whether it is mentioned if the mortgage is assumable or not.
Posted on: 18th Dec, 2006 02:25 pm
Hi Cuillon,

Yolick is quite right. Let me also tell you that assumption can be of two types.

One is called simple assumption and the other is qualifying assumption.

In simple assumption, the buyer is not required to provide information on his credit history or income status. In such assumption the seller still remains liable for the repayment of mortgage until and unless he gets a release from his obligation for the repayment from the lender.

In the other type of assumption which is called the qualifying assumption the new buyer assumes the loan after properly getting his credit and income status verified by the lender. If approved, the seller can not be held liable afterwards for the payment of the loan.

Colin
Posted on: 18th Dec, 2006 02:40 pm
Hi Cuillon,

Welcome to our forums.

The easiest way to find out whether a home loan is assumable is not is to go through the loan agreement and look for the "Subject to transfer" clause. If the clause isn't there, then you can ask your lender and clarify if he will allow you to transfer the loan.

Thanks,

Caron.
Posted on: 18th Dec, 2006 10:09 pm
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