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SELLING THE HOME ON ASSUMPTION

An assumption permits a qualified buyer to take over your existing debt and terms.

There are two basic types of assumptions: assumable and non-assumable.

  • Assumable generally allows a buyer to purchase without qualifying. These types of assumptions, in today's market, are exceedingly rare.
  • Non-assumable loans still allow buyers to assume the loan but the buyer must qualify.

    There are loans that allow neither.

    If you have an assumable loan (look for a "subject to transfer" clause in your loan agreement), it is possible that you could transfer your property to a new buyer who agrees to take over (assume) the existing mortgage.

    Beware of scam artists who offer to purchase your home on an assumption. These predators say they will take over the loan and then never make a payment to the lender. Given the fact that the title was never properly transferred or because title could not be legally conveyed (per your original note agreement) you are 100% liable, not the fraudulent buyer. Of course buyers such as this risk criminal prosecution.

    TAKE ACTION NOW and contact us today for your personalized foreclosure prevention consultation.

    The information contained in this report is deemed to be accurate but is not guaranteed.
    Sources: "The Foreclosure Bible" and the California Association of Realtors®