Posted by jeff on July 13, 2002 at 21:19:20:
ill admit that i havent assumed anymortgages although i have checked on doing it a few times. but in my experience, i have been told by banks that the mortgages are not assumable and they wont allow me to do that. i like the subject to arrangement myself and dont bother with the mortgage switch mostly. where do yuo get your info? it goes agaisnt all my experiences.
now let me tell you what ive learned. 89 or beyond? is that earlier or later meaning for beyond? loans after 89 are not assumable if they are FHA, and VA loans are not assumable after 88. beofre those dates they are assumable but i have no clue on the pricing, $500 may be right.
doing a contract for deed or wrap around mortgage both will violate the DOSC, assuming there is one, since you tranfer either all or a portion of your equitable interest to an outside party.