Quote:
Originally Posted by LAHAL
Can people still assume a mortgage?
I currently own a townhouse that I have rented out. The value of the property is lower then the mortgage, so I can't sell it.
I want to buy a bigger house and don't want my townhouse to effect me qualifying for what I want.
So, can someone still assume a mortgage?
Thanks.
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If you've entered into a lease, I believe the rental payments can be used offset whatever your liabilities are (mortgage, taxes, condo fees) to determine what you can afford. Still may reduce the amount you qualify for, but that's not necessarily a bad thing
