Assuming a mortgage loan

Assuming a mortgage loan

Very few mortgage loans are assumable and yet people still try to assume them either by breaking the rules outright or finding ways to go around them. To be able to understand more of assuming mortgage loans, I have prepared this discussion on the ways to assume mortgage loans and some ways people go around mortgage loan restrictions.

More often than not, it is the buyers of a property that is subject to the loan that are eager to assume the mortgage loan. Strictly speaking, assuming mortgage loan means that a person, usually the buyer of the property, takes it upon himself to pay the mortgage loan either with just the consent and agreement of the original mortgagor (usually the seller of the house) or with the consent of the both the mortgagor and the mortgagee( the lender).

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