Posted by John Merchant on December 04, 2008 at 07:17:22:
“I would be comfortable with keeping the sellers on the loan for 24-36 months”
Sellers are probably going to stay on their loan regardlesx of your assuming that loan.
They’re not likely to get a release of their loan unless you go get a new loan so they can pay off their old loan.
HELP! assuming a loan need details - Posted by sheila
Posted by sheila on December 03, 2008 at 13:54:26:
Owner wants to walk away and have me assume an FHA 6% 30year held by US Bank.
I have a choice to try a qualifying assumption - in which I have to qualify (I have 5 houses and in the past always purchased STATED loan. My credit is probably in the 600’s).
Have done all the due dilegence on house and it would be a very good purchase. I would be comfortable with keeping the sellers on the loan for 24-36 months if that would help me get to the place where I could get the qualified assumption but what else would I need to consider to protect myself.
Thank you for responding