Posted by James Harris on April 02, 2006 at 07:50:29:
First, you’ll need to find out when the mortgage was done. I believe that mortgages made after 1988, (I think, could be 1978) were not assumable. Unless they were private loans, then they might.
I guess I don’t quite understand the question on how conventional financing works on 50% Ltv. If you’re trying to buy the property, I would suggest that you might try getting the seller to refinance t5he property then you would lease-option the property from him.