Are there any unobserved traps/fees to watch out for? Any of you know how this works?
Answers: If you expect assuming an existing loan, that used to be common but is singular now. Most loans hold due on sale clauses.
"Taking over a mortgage" is particular as as assuming the mortgage and very few mortgages can legitimately be assumed, FHA & VA loans are assumable- and you need to complete an assumption collection with the lender to do it.
If you try to thieve over a loan that is not assumable and the lender data out what is going on, they can call the details due- if you try to make payments to the dealer you run the risk they will keep the money and won't take-home pay the mortgage. sure; if the current lender likes you [or the
intended transport over party] and the party
is fully qualified, at close of escrow, the
duty of paying off the write down is taken
over by the new buyer and the first
buyer is immediately OFF the note.
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Answers: If you expect assuming an existing loan, that used to be common but is singular now. Most loans hold due on sale clauses.
We want suggestion in the region of this...?
"Taking over a mortgage" is particular as as assuming the mortgage and very few mortgages can legitimately be assumed, FHA & VA loans are assumable- and you need to complete an assumption collection with the lender to do it.
If you try to thieve over a loan that is not assumable and the lender data out what is going on, they can call the details due- if you try to make payments to the dealer you run the risk they will keep the money and won't take-home pay the mortgage. sure; if the current lender likes you [or the
intended transport over party] and the party
is fully qualified, at close of escrow, the
duty of paying off the write down is taken
over by the new buyer and the first
buyer is immediately OFF the note.
Resolved Questions: