Posted by julie on June 20, 2001 at 14:23:19:
Most mortgages are not assumable. You would buy the property Subject to the existing financing. This means you get the deed, the owner’s name stays on the loan. You just take over the seller’s payments.
There are several ways to purchase a home…
Not assumable morgage… - Posted by Lee
Posted by Lee on June 20, 2001 at 14:11:25:
Open question for anyone to answer…
Q. Is it possible to purchase a home even though the morgage is not assumable. The seller if really flexible and is open to anything.
Thankyou all for your answers.
Of course - Posted by B.L.Renfrow
Posted by B.L.Renfrow on June 20, 2001 at 19:01:44:
You’ve come to the right place. Search the archives for “subject to”. Almost any loan (with the exception of an RDC-subsidized loan) can be “assumed” by taking title to the property subject to the existing loan. The best way to do this is by using a land trust. You have the seller transfer title into the land trust, and you just start making the payments. The loan stays in the original seller’s name until it gets refinanced or paid off.
Brian (NY)