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Fobulous · 02-03-2010, 08:55 AM

Hello All,

Just had a quick question for the group.

I have contacted my mortgage company as we are looking to sell our home. They have mentioned that we can in fact sell our home and the buyer is able to assume our mortgage without penalty.

They also mentioned that we as the seller and the current mortgage holder are liable if the buyers do not pay a mortgage payment. We would be liable for the life of the mortgage (meaning until they either refinance or close out the mortgage).

Does anyone on hear have any experience with this? Is there any way out of this but still allowing the buyer to assume the mortgage.

Can anyone refer me to a good real-estate lawyer?

Thanks in advance!

-FoB.

02-03-2010, 08:55 AM	#1
Fobulous Scoring Winger Join Date: Aug 2004 Location: Houston, TX Exp:	Mortgage Question - Assumable Mortgage Hello All, Just had a quick question for the group. I have contacted my mortgage company as we are looking to sell our home. They have mentioned that we can in fact sell our home and the buyer is able to assume our mortgage without penalty. They also mentioned that we as the seller and the current mortgage holder are liable if the buyers do not pay a mortgage payment. We would be liable for the life of the mortgage (meaning until they either refinance or close out the mortgage). Does anyone on hear have any experience with this? Is there any way out of this but still allowing the buyer to assume the mortgage. Can anyone refer me to a good real-estate lawyer? Thanks in advance! -FoB.