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Originally Posted by Dominicwasalreadytaken
I've also heard that allowing someone to assume your mortgage puts you at an equal risky position. If the people that have assumed your mortgage can't make the payments than you have to take responsibility for them. Any truth to this?
I'm thinking of putting one of my rentals up for sale, and I'd like to have someone assume the mortgage so that I don't have to pay the 3 months of interest penalty, but there's no way I'll do it if that mortgage gets tied to me if something goes sideways.
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Yes, in Alberta only you are liable. Why you would want someone to assume the mortgage with the appreciation levels here though, I have no idea.