If someone assumes my real estate loan, does the mortgage get removed from my credit report?

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If someone assumes my real estate loan, does the mortgage get removed from my credit report?

2007-07-28 07:38:12 · 3 answers · asked by Ari M 1 in Business & Finance ➔ Renting & Real Estate

3 answers

Yes and no. The mortgage appears to be "paid off" on your credit report, but the actual account still appears.

I would not count on someone assuming your loan...98% of the loans out there are non-assumable.

2007-07-28 09:48:01 · answer #1 · answered by Expert8675309 7 · 1⤊ 0⤋

I think it is closer to 99.9% of loans that are not assumable.

2007-07-28 10:19:23 · answer #2 · answered by Landlord 7 · 1⤊ 0⤋

Yes if they take over the loan with the lender it isn't your loan.

2007-07-28 17:44:16 · answer #3 · answered by shipwreck 7 · 0⤊ 1⤋