Assumptions became a thing of the past since the mid to end 1980s. Prior to that time mortgages were fully assumable by another person without having to qualify with the lender.
When you assume a loan you become primarily responsable to the lender for the balance of the loan. The original borrower is secondarily responsable after 12/15/1989 for FHA and 3/1/1988 for VA, and you have to copletely qualify for the lender.
Check out the FAQ's
Are they one in the same? I understand what a subject 2 is but not what an assumption is.
Any help is appreciated.
Hi rumblebass,
Assumptions became a thing of the past since the mid to end 1980s. Prior to that time mortgages were fully assumable by another person without having to qualify with the lender.
Things have changed since then.
Here are a couple of links to help further.
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=12218&forum=7
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=8430&forum=7
Best of luck
John (LV)
When you assume a loan you become primarily responsable to the lender for the balance of the loan. The original borrower is secondarily responsable after 12/15/1989 for FHA and 3/1/1988 for VA, and you have to copletely qualify for the lender.
JD