mortgage assumability

has anyone recently purchased/sold a property where the new buyer assumed the mortgage of the previous owner? i have heard that if you have favorable terms, the buyer may pay a premium on the price if they can assume the mortgage. not sure how common this is in the ny/nj market. thanks,

bkmashup

in Mortgage 11 years and 7 months ago

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vthatcher | 11 years and 2 months ago

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On an FHA Loan- if the borrowers allows the loan to be assumed, they are still liable for the debt in the event of a default. Vanessa Thatcher Senior Loan Officer NMLS# 41404 Atlantic Home Capital 4175 Veterans Memorial Hwy, Ste 310 Ronkonkoma, NY 11779 Office: 631-687-3510 x106 Direct Dial: 631-468-8809 Direct Fax: 631-918-5222 Cell: 631-672-4113 “Pennies don’t fall from heaven; they have to be earned here on earth” ~Margaret Thatcher~ Website: www.atlantichomecapital.com You can catch me in the directory at www.Brownstoner.com www.montauk-online.com http://brickunderground.com/directory/listing/guide/mortgages NEW SITE http://www.bktothefullest.com

daveinbedstuy | 11 years and 7 months ago

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Pretty rare over the past 10-15 years.

slick | 11 years and 7 months ago

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Some VA or FHA mortgages are assumable, but they are rare in the NYC market.