loan assumption
Assumption Of Home Loan By Buyer Releases The Seller From Any Liability For The FHA Or VA Loan
Question: In a recent column you said that, after the assumption of a home mortgage loan, the buyer is primarily liable for the home mortgage loan, but the seller remains secondarily liable. In light of the “spread” between older home mortgage loans of 2-3% and current home mortgage loans of 6-7%, our mortgage business is…
Read MoreLiability of Seller after Foreclosure of Mortgage Assumed by Buyer
Question: When we sold our Glendale home two years ago the buyer assumed our mortgage that had a low 3% interest rate. The buyer is now in default on this 3% mortgage, and we are receiving default notices from our lender. If the buyer doesn’t make the payments on this 3% mortgage, will we have…
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