Home Selling in Lancaster>Question Details

Cg, Home Buyer in Lancaster, TX

Are there buyers looking to assume mortgage loans?

Asked by Cg, Lancaster, TX Tue Feb 26, 2013

Are there buyers looking to assume mortgage loans? I would like to sell my home but can't because I owe more than the value of it. My neighborhood has had quite a few foreclosures on the last few years. I currently have a FHA loan that allows for an assumption. I did a streamline refinance last year so I was able to take advantage of the lowered interest rates. Just looking for alternative solutions for selling my home.

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Hi Cg,

I would contact a lender first. Like Guy said the potential buyers have to go thru the whole approval process in order to ressume the loan.

Do you have enough money save up to sell the home where you can just come up with the difference? This will be the more simple way to do it.

Dixon
0 votes Thank Flag Link Wed Feb 27, 2013
CG, most folks presume that FHA will simply allow another party to "assume" the note without going through the process a buyer normally goes through to get a mortgage loan, and this isn't the case. Lender approved assumptions are a thing of the past. You would still have the option of allowing a buyer to assume your note without lender approval though. However, depending on how far underwater your home is, even owner financing may be difficult. If you need more information on creative financing, feel free to email me as I often buy homes using this strategy.
0 votes Thank Flag Link Tue Feb 26, 2013
I would recommend lease your home . I am assured there are many many strings attached to that assumption loan.

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0 votes Thank Flag Link Tue Feb 26, 2013
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