help - Posted by Dedrick Love

Posted by phil fernandez on May 09, 2000 at 11:42:37:

If she is willing to forfeit her equity why is she asking $82,000 when the mortgage balance is only $75,000. You should be buying at $75,000.

Is the FHA loan assumable. If there is a due on sale clause in the mortgage then you could take the condo subject to the FHA loan.

help - Posted by Dedrick Love

Posted by Dedrick Love on May 09, 2000 at 04:19:42:

i recently looked at an ad in which the owner wants me someone to assume the fha mortage at 7.87 percent with the mortgage price of 75 grand. The condo is worth 85 grand and now the asking price is 82 grand. She wants me to pay closing cost of 520 dollars. She will forfeit her equity to the buyer. My question is how should I approached this I really want to make my payments long term and make the both of us happy. Please respond asap