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Folsom : Real Estate Advice

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Activity 1
Thu Sep 2, 2010
Jamal Purcell answered:
Hi George and Happy Holidays. Thank you for you question. Unless the original mortgage was FHA then it probably is not assumable. If the loan is assumable one would have to bring the mortgage up to date which would involve paying all attorney fees, interest & penalties. An agreement of sale would have to be submitted to the Bank for their acceptance. Once accepted then the sherrif sale would be cancelled and a settlement would be scheduled. An assumption package would be created by the Bank and the Buyer would be responsible for those fees involved in addition to the normal settlement costs. Keep in mind, if there were other liens on the property the new buyer would have to accept those debts as well. I hope my answer was helpful to you. If I can help you futher please feel free to contact me Direct # 484-432-3525. Email. Jamal.Purcell@Century21.com ... more
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