The new lender will also want to get a mortgage rating from the current lender to verify those pay,nets have been made on time.
With the proper packaging and thorough explanation to the new lender, you should be fine.
1) Get the buyer approved for a new loan
2) Is the title in their name? Then it's a refi. If not, then a purchase agreement of some sort should be given (or created) and given to lender.
3) Tell title/escrow not to ask for payoff from bank until its absolutely necessary so as not to accelerate anything (and only after you have financing approval).
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"Helping people make smart real estate decisions since 1980"
Yes, through proper documentation. I can have the property refinanced prior to March payment. I will need a few details, in addition, you may qualify for certain Fderal programs.
Castle & Cooke Mortgage is a direct lender & our office is located in Newport Beach. Give me a call on my cell to discuss. I'll be available all weekend. (949)212-4578
Castle & Cooke Mortgage
If the loan was non-assumable, then how did you assume it? If you have not assumed it, only agreed to do so, then it is impossible for you to fulfill the agreement and the seller cannot hold you to it.
Just where in the buying process are you? Did you not have a Realtor(r) representing you? Even when buying a FSBO, you should still have someone representing you - if that's the case.
Contact me and let's see where you are and what can be done.
Tim Kunze, Realtor(r)
Focusing on ... YOU!!!
Huntington Coast Properties