Loan Assumptions Available!

That is very interesting, Rina. I also noticed ads in the newspaper and on www.kijiji.com about stated income business loans. Don't know if anyone here on DG has dealt in that

Bruce

Thanks for the link on the business loans. That sounds interesting (and promising), too. Will be exploring that one.

Assumables: I imagine the banks would now rather let a house be sold as an assumable mortgage rather than go through foreclosure or short sale. Heck, that would make it a whole lot cheaper (easier) for people to buy without the headache of going through another loan on the property. I wonder if the requirements for taking over these loans is as strict as for someone trying to get financing to buy outright? I wonder if it can be used by first-time homebuyers and qualify for the credit? Much to be researched, I guess.

Rina

Hi Rina,
I have been reading your messages for a while now and I also just read about that great deal you made; GOD BLESS YOU;
I also read about you in Dean's new book
I am new and excited; very scared and nervous;
I am a student with the Success team and I'm taking action;
I have a Realtor and a Buyer; the realtor is showing me property and I am about to inform my buyer what we have;
I just read above Loan Assumptions Avail; I'm sorry but what is that?
I don't have a job right now I lost my good job in Nov. and I was in the middle of fixing my credit; so my credit still is not good;
will Assumption Loan be avail for someone like me?
I wanted to know how do go about finding an investor like you did that will help me invest in properties also....
Sorry for all the questions;

teescott

Thank you for your kind words and CONGRATULATIONS on joining the Success Academy!

This is really the first I've seen the loan assumptions actually advertised. What this means is that people who have mortgages with this lender (Chase) are being told that if they sell their house, they might be able to just let the new owner take over their payments, but switch the mortgage to the new owner's name. At least that is how I understand it. This would save a lot of hassle, paperwork, closing costs, etc. for both sides, so it could be a great thing. Now, sellers could use this as an incentive for someone to buy their house subject-to. Also, I'm not sure how we as investors could "shop" for sellers who have these mortgages, but how cool would THAT be to buy properties subject-to with the bank's blessing? I don't know if I'm explaining it very well, but if you'd like to call the advisors, I'll bet they can fill you in on the whole process. Then you can ask questions in real-time and get someone with a little more expertise on this.

That is so awesome that you already have a realtor and a buyer. You are on the right track! Keep us posted on your progress!

wishing you all the best,

Rina