Is loan assumption is the best protection for the seller because the buyer become liable for the payments and debts?

Asked by Joimarie, 08536 Fri Jan 27, 2012

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Monet Floro, , New Jersey
Fri Jan 27, 2012
It all depends, nowadays not alot of buyers can get a mortgage . You need an attorney to do the transaction. Some sellers would rather be the mortgagee ,because once the buyer default they get the downpayment plus all the money they paid him monthly, they do not have to wait for long for a buyer. On top of it ,they get their property back.The seller always win!
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Marge Bennett, Agent, Fort Myers, FL
Fri Jan 27, 2012
I would think that the best protection for the seller would be for the buyer to get his own mortgage
1 vote
Scott Godzyk, Agent, Manchester, NH
Fri Jan 27, 2012
ONLY if teh bank is releasing the former home owner in full from the mortgage. If you are not released, you may be still liable. have your agent or attorney read through to make sure.
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