Home Ownership in Albany>Question Details

Destiny Dame…, Renter in Albany, OR

How do I take over a mortgage payment?

Asked by Destiny Damewood, Albany, OR Sun Feb 17, 2013

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Corri Klebaum’s answer
The loan must first be an assumable one. Most government loans will be assumable by a qualified borrower. The seller will need to contact his current lender to start the process. I do reccommend you make sure the terms are more favorable to assume than not. I would reccommend you meet with a mortgage professional to see what terms are available on a new loan just to be certain.
0 votes Thank Flag Link Sun Feb 17, 2013
If you're asking about whether you can officially "assume" someone else's mortgage you need to call the bank and ask if it is possible.

Probably not.
0 votes Thank Flag Link Sun Feb 17, 2013
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