is it possible to assign an assumable. i mean if the lender had 2 qualify u ,they would not let your assignee assume the loan, right??? what aspects make an assignabke contract easy to assign?
Kimesha:
Most loans are not assumable these days. People purchase properties ‘subject to’ existing financing all the time. In very rare instances do the lenders call the loan do because someone has violated this. Banks are in business to lend money, not foreclose because the ‘due on sale’ clause has been violated.
Best Regards,
Jeff Adam
The problem, not necessarily for you, is that the original Seller will still be liable on the Note and Mortgage. That would tie up their credit significantly.
I cannot believe that a sane Seller these days would agree to this…