Viewing 0 reply threads
  • Author
    • #255106

      Make sure to have a lawyer take a look at the assumption contract. Our first house we bought as assumable, then found out at closing the sellers had put a clause in that stated if we did not get another loan within 12 months that fully released their original loan, we had to pay them a $200/month penalty. Generally, assumables are easy to get into, and the original debtor is still the person the bank goes after if payments aren’t made. I had a friend who sold her home and let the buyer assume her loan. Things went great for the first five years, then my friend got a letter from the bank saying no payments had been made and she was responsible. She had to go thru quite an ordeal to come out of that. So I think it’s become the “norm” for sellers to put in a clause like ours did. You might have to pay $50-$100 dollars to have a lawyer look things over, but it’s so worth the peace of mind. Good luck, I’m
      sure it will all work out for you to get this house. Casey in GA

Viewing 0 reply threads
  • You must be logged in to reply to this topic.