Short Sale, Foreclosure and Strategic Default

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Friday, August 29, 2008

Assumable mortgages

This is an interesting fact to consider but before you let someone assume mortage speak with a real estate attorney.

REALTOR® Magazine-Daily News-Sellers May Want to Offer Assumable Mortgage
Sellers May Want to Offer Assumable Mortgage

Sellers who can’t find a buyer should look at the terms of their mortgage and, if it is permitted in their area, offer to let a buyer assume their loan.

Assumable mortgages made in recent years generally carry interests rates below current market rates. Plus, a buyer who can qualify with the lender can step into a mortgage without having to come up with a down payment or pay hefty closing costs.

The Website HomeAssume.com matches buyers and sellers. FHA and VA mortgages are assumable, as are many conventional adjustable-rate mortgages.

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