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More context would help. Here is a general answer based on some assumptions. Assumable contracts when used for discussions involving US real estate are rare these days. What it means is the contact between a borrower and a lender can be assumed by another party who wants to take over for the borrower. That is not the legally precise definition but that was the market practice. VA and FHA were two areas were contracts (the loan) was assumable. For the most part any time someone wants to assume the existing contract the other side to the transaction (the lender in this example) will need to give prior approval. The contract might be assumable if a reasonable alternative borrower applies. It is not done all that much in residential. It can be found in the commercial real estate sector.
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∙ 16y ago
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How can a seller cancel a real estate purchase contract?
You must read your contract for your answer.You must read your contract for your answer.You must read your contract for your answer.You must read your contract for your answer.
How do you start a contract?
A way to start a contract first u have to tell me how to start a contract.
What is the opposite of obeying a contract?
breach of contract
Termination of contract?
How can u define "Termination of Contract"?
When will a contract be void?
A legal contract should be void if one person fails to meet obligations of the contract. A lawyer can assist with any advice or actions. The final determination of the contract is determined by a judge.
How do you know if your car loan is assumable?
you dont
What describes assumable mortgage?
It can be transferred from a seller to a buyer.
Which of these describes an assumable mortgage?
It can be transferred from seller to a buyer
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.
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
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
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
How do you get on the IRS uncollectibles list?
Assumable that you failed to render payment for taxes.
When do you have legitimate grounds to fight a repo deficiency lawsuit?
I dont know about the "grounds" BUT any changes to a CONTRACT have to be approved by BOTH parties to the contract. Did either/both of your "buyers" get approved by the LENDER to assume your contract? Some contracts are NOT assumable as written by the lender. Even if they did get approved to assume, they still have to wait for the lender to do their oart. Could it have been impatience on the part of the "buyers"? Best you should call a local attorney for a consultation ASAP.
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
Can the person who is making the mortgage payments assume the mortgage from the original borrowers without any difficulty?
You would have to ask the bank with whom you want to get the mortgage with. Some loans do have an assumption feature that allows this, but not many. And assumptions are never a good idea for the seller. You need to go through a property purchase transaction or execute contract for deed so that you can complete that and in future gain ownership of the property. ____________ Actually - FHA, VA, and some Conventional ARMs are ASSUMABLE. The assumption does require some qualification but you can actually take over the existing terms, conditions, payment, and rate of the existing loan and purchase the home. ________________________________________________________________________ The existing mortgage would have to be assumable in order for someone to take over the mortgage loan in there name without changing the terms of the initial agreement with the lender. FHA mortgages are the most popular form of assumable mortgages. '''An assumable mortgage is defined by the seller of a home having the ability to transfer their mortgage loan to the new buyer. Before taking over the mortgage loan, the lender of the assumable mortgage will require the buyer to be credit worthy and will execute its due diligence by underwriting the mortgage loan again with the new buyer's credit history being reviewed.''' An assumable mortgage is especially beneficial when mortgage rates are as low as they are today. For example, if a borrower gets a mortgage today, then decides to sell their home in five years, rates can potentially be in the 8% range. '''The assumability of a mortgage will make the home more marketable by allowing the seller to offer any potential buyers a mortgage rate in the 4%-5% range.''' An assumable mortgage is also valuable because it is far less expensive when compared to the costs of a new loan. One example of the cost savings within an FHA assumable mortgage is because an appraisal is not required. In addition to the cost savings, the process is streamlined, allowing for a basic credit check to determine a borrower's income is adequate enough to support the mortgage loan. So if you're looking to purchase a home, an FHA assumable loan makes the most sense, now and in the future. I hope this information helps. Best of luck! Regards, Total Mortgage
What describes an assumable mortgage?
It can be transferred from a seller to a buyer.
