Question about assumable mortgages…
I found a house that I can assume the mortgage, however the mortgage is only for 220k and I would be paying 310k. Does anyone know when taking over an assumable mortgage if they let you take a second mortgage with it? Or if companies even give 2nd mortgages in this case? The assumable mortgage is with Washington Mutal, does anyone know if the will give me a 2nd mortgage, or a company that would for the balance of 90,000
Any info would be helpful
Thanks
Antoinette
Most provisions of assumability are based upon the credit qualification of the new homeowner assuming the mortgage.
Whether or not you could assume the 2nd mortgage is dependant on the lender and the mortgage to be assumed.
Assuming that you are “credit worthy”, you shouldn’t have a problem getting a 2nd mortgage, assuming that the 1st mortgage will continue to allow for subordinated liens.
If you have any questions, feel free to contact me.
Regards,
H. Scott Miller