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Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
What is an assumable loan?
Suppose you buy a car with a loan. Suppose I really like your car, but you are getting tired of it. An assumable loan means I can take over the payments from you and the car and the loan goes into my name. Phil You can also assume a mortgage on a home when you buy it. Or you can sell your home through an assumption. It is only possible for certain mortgages - mostly Government backed loans such as FHA or VA but it is somthing that is becoming more and more popular in this constantly changing real estate market. To search homes for sale with assumable mortgages or to list your home for sale go to www.havemyhouse.com
How do you assume a mortgage?
You can only assume a mortgage if the loan is assumable, and a great many are not. The mortgagor can call their mortgage company and ask for an assumption package which will tell you what is required. True, but, actually a great many mortgages ARE assumable. Everything you need to know and thousands of homes with assumable mortgages are available for search by visiting www.havemyhouse.com
What types of mortgages are assumable?
All mortgages are assumable, but only some are inherently assumable due to their lack of a due-on-sale clause. These include FHA mortgages, USDA Mortgages, and VA Mortgages as well as ARMs. In order to assume a mortgage, in most cases, it is necessary to qualify under the same creditworthiness standards as getting a new loan. With VA Loans you do NOT need to be a veteran to assume the loan
What describes an assumable mortgage?
It can be transferred from a seller to a buyer.
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
What is an assumable loan?
Suppose you buy a car with a loan. Suppose I really like your car, but you are getting tired of it. An assumable loan means I can take over the payments from you and the car and the loan goes into my name. Phil You can also assume a mortgage on a home when you buy it. Or you can sell your home through an assumption. It is only possible for certain mortgages - mostly Government backed loans such as FHA or VA but it is somthing that is becoming more and more popular in this constantly changing real estate market. To search homes for sale with assumable mortgages or to list your home for sale go to www.havemyhouse.com
Is there closing cost on an assumable loan?
Yes, there is usually a closing cost on an assumable loan. However, it will vary from state to state as laws are different from one place to another.
How do you assume a mortgage?
You can only assume a mortgage if the loan is assumable, and a great many are not. The mortgagor can call their mortgage company and ask for an assumption package which will tell you what is required. True, but, actually a great many mortgages ARE assumable. Everything you need to know and thousands of homes with assumable mortgages are available for search by visiting www.havemyhouse.com
What types of mortgages are assumable?
All mortgages are assumable, but only some are inherently assumable due to their lack of a due-on-sale clause. These include FHA mortgages, USDA Mortgages, and VA Mortgages as well as ARMs. In order to assume a mortgage, in most cases, it is necessary to qualify under the same creditworthiness standards as getting a new loan. With VA Loans you do NOT need to be a veteran to assume the loan
I just bought a used car 2 weeks ago and now I don't think I can afford it what are some suggestions.?
Sell it privately. You will still be responsible for the car loan unless you are able to pay it off in full from the sale of the car to someone else. Loans are usually not "assumable" these days.
What describes an assumable mortgage?
It can be transferred from a seller to a buyer.
How do you find a VA assumable Loan?
You can find a VA Assumable loan from any legitimate loan company both foreign and local.if you are finding it difficult to obtained a loan from a money lender, you can contact this lender whose name is Mr. Maurice Tyson? Eight months ago. I was offered a loan on the terms of four months and a loan of £62,000.00 for construction contract financing in west London. Ever since i have been using his company as a financial for any contract i am given. Pls find his contact email:inquiry.nortonfinanceloans@hotmail.co.UK if you are interested in getting a loan from him. Henry
You got a loan for your dad how can you get it out of your name and in his?
If your are referring to a co-signed loan, where you guaranteed a loan for your father, then you are generally not able to remove yourself from the loan until it is repaid unless the lender agrees, and determines your father no longer requires a co-signer. To transfer a loan that is completely in your name from yourself to your father, he would have to obtain approval from the lender. Generally, a lender is not obligated to consider this unless the loan was originally issued as "assumable". Most mortgages, for instance, are assumable. This means that you could sell your house by having a qualified buyer assume your mortgage upon approval from your bank.
Can a personal loan be added to a car loan.?
As far as I know Personal Loans are completely different from Car or Auto Loans and they can not be added to Car Loans.
How do you take over the mortgage of a property?
Some mortgages are "assumable" which means that if you meet the lenders criteria you may assume the mortgage at the original terms and take over from the current mortgagee and homeowner. Assumable mortgages have become less common over the last decade and saw a sharp decline during the onset of the housing market crash in 2007. The loan note for the current mortgage will state whether or not the loan may be assumed. If the loan can not be assumed or you do not qualify, the loan must be paid off by a loan you obtained or refinanced into your name in order for you to become the mortgagee on a property.
How do you get out of a car loan?
You must know that it is legal obligation to pay off a car loan. To get out of a car loan, make regular payments. If doing so is becoming difficult for you, then you can sell your car and pay off your loan. Here, there would be problem if you have upside down loan. If your higher monthly payments are making things difficult for you, you can refinance your car.
