I'm hear in Michigan and I want to take over someones mortgage. But, I don't know where to go?
2007-06-23 10:26:56 · 6 answers · asked by maxxjulien11 1 in Business & Finance ➔ Renting & Real Estate
First off, you need to find out if the mortgage is even assumable. Some are though many aren't. Most mortgages written in the past 15 - 20 years that are assumable require that the buyer be suitably qualified and acceptable to the lender.
The seller needs to contact the mortgage company and see if the mortage is assumable. If it is, you need to apply to the lender and see if you will qualify to assume it.
2007-06-23 10:34:28 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If you have already found the property, the first step is to talk to the mortgage company of the owner of the house. Many mortgages can not be assumed, so be prepared for a very sound NO. If you are looking to find a house, with an assumable mortgage, there are Realtors who specialize in that. Also, you could try ads in the paper- sometimes you can find some assumable or owner financed houses that way.
2007-06-23 17:34:53 · answer #2 · answered by amysgetaways 3 · 0⤊ 0⤋
Since the Garn Bill (A Long Time Ago) most loans have become non-assumable. That does not mean it is impossible though. You r best bet is to ask the bank if they will let you assume the loan. If the borrower is in default the bank may be happy to let you assume the loan if you have good credit, however in these times of easy money loans there is usually no good reason to assume a loan. Most mortgage companies can get you a loan with no money down now if you have good credit.
I would not recommend trying to assume the loan without consulting the bank as the bank has the option of calling the loan due and payable in full on transfer of title to a new owner.
2007-06-23 17:38:27 · answer #3 · answered by Sortudo 1 · 0⤊ 0⤋
Very few mortgages today are assumable. If they are, it would be in the terms of the mortgage that the current owner has. Even if it is assumable, most lending institutions require proof of your ability to pay. The place to start an inquiry would be with the current mortgage lender.
2007-06-23 17:40:59 · answer #4 · answered by Angie 6 · 0⤊ 0⤋
What I would do in your situation is see if you can obtain a land contract with at least an one to two year limit. Then you would have time to build credit and equity in the property. After that you can take the land contract to a lending agency before the time is up on it and assume the payment with the original mortgage paid in full and extra money in your pocket.
2007-06-23 17:43:29 · answer #5 · answered by Mind Boggler 1 · 0⤊ 0⤋
First, learn to spell. Then, you can take over my mortgage if you want. I'd just LOVE someone else to pay it for me.
If you are looking to buy a distressed property (in or about to be in foreclosure) why don't you say so? You might get a better answer.
2007-06-23 17:46:20 · answer #6 · answered by marko2529 3 · 0⤊ 4⤋