Posted by john_sc on December 09, 2001 at 14:46:38:
My tanks to ?David, A, JT-IN, & Rob ,Fl? for their
Time and informative feedback.
Today, I met with seller and learned more facts. Let
-1st loan: $106,000, @ 6.5, 30 yrs, $945 mo , 1998 Build.
-FMV: $115000 to 125000
-Mortgage holder: Country Wide.
I learned , the Interest rate @6.5% is adjustable, and it Increases about 1% ( $80) every 2-years. The next increases will be Feb/2002.
Also I learned today, the seller is behind on last month payment for ( $945) Mo.
My suggestion to seller was, she may refinance the loan,
From adjustable to FIXED loan with ( $106,000 loan amount),
Then I will take over the mortgage payment.
Seller agree with it, and they will call me next week.
My question is, Is it OK? To take over her loan even
with adjustable rate (6.5%).