Assumption of an FHA-insured mortgage is a servicing function where the responsibility of the mortgage is acquired by another person through either Simple or Creditworthiness process. Individuals may assume mortgages originated prior to December 1, 1986, by utilizing the "Simple Assumption" process. For those mortgages originated on December 1, 1986 and thereafter, HUD placed certain restrictions on the assumption of those FHA-insured mortgages and those mortgages have to go through the Creditworthiness Assumption process. Please refer to the Assumption Chart for 1) Mortgage Original Closing Date, 2) Owner-Occupancy Requirement, and/or 3) Investor Limitation. (You can find it at http://www.hud.gov/utilities/intercept.cfm?/offices/hsg/sfh/nsc/rep
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The bottom line is that this is not as easy as it sounds and there are a lot of issues to contend with especially with an FHA. Whatever you do, do not leave that property! FHA will automatically say you abandoned the home and that will disqualify you for all the options you may have access too.
If you need more help feel free to contact me at 816-268-4176.