I don't see how anyone could advise your daughter to assume a loan that is $50,000 under value. In my opinion, she would do better trying to buy it from the bank at a later date. All FHA loans are assumable; however, just as you did, the buyer must qualify for the loan. Sometimes people get this mixed up from years ago when you could just take over a note without qualifying. However, that ended in the 1980s. I would also question whether the lender will allow someone to assume a note that is under water. My suggestion is speak to the bank about a short sale.
Jack Gillis, M.B.A., J.D. â”‚ RealtorÂ®
Jack Gillis Realty Advisors
United Real Estate, Broker
5430 LBJ Freeway | Suite 280
Dallas, TX 75240
Email: Jack@JackGillisRealty.com... more