I need to find someone to assume my house loan. How do I get started?
Question by JosieE7: I need to find someone to assume my house loan. How do I get started?
I'm recently divorced and my oldest son just moved out. I don't have the money to fix it up, but I want to find someone to Assume my loan. I did start removing wallpaper from the previous owners and I'm painting. But it's a nice size house and I just need to get rid of it. It's just me and my 16 year old and it's too big and I'd rather spend the money I put towards the mortgage on me ane my kids. I just need some help badly and would rather have someone assume it rather than giving it back to the bank. Any suggestions?
My bank will let me do an assumable loan and there are papers that state that I will not be held liable once the new owners take possesion of the property. I don't want to turn it over to the bank and file for bankruptcy.
Best answer:
Answer by badotisthecat
you could try to sell it and use the proceeds of sale to pay back the mortgage.
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Filed under Loans by on Jul 10th, 2010. Comment. 
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Comments on I need to find someone to assume my house loan. How do I get started?
you wanted it in the divorce apparently. sell it if it's too big.
I know some real estate investors that, depending on the numbers, could help you. It also depends on the area of the country you are in. That's probably your best bet, though.
I can probably refer you to someone. Just email me at robert495713@yahoo.com any time.
You need to talk to your bank and see if they will let someone assume it. In most cases they won't. You should try to sell it.
Banks will not, in general, allow mortgages to be assumed.
Nor do you want anyone to assume your mortgage. Every time they make a payment late, your credit gets hit. They default, you get hauled back into the situation for the deficiency.
Your realistic options are a regular sale, deed in lieu of foreclosure, or let it be foreclosed on. Some lawyers counsel bankruptcy, but I've never HEARD of anyone who came out better in the end due to bankruptcy. Talk to some agents who know your market.
Hi, Im a Real Estate Agent in Orange County,CA please feel free to give me a call, my toll free number is 1(866) 825-9618
California Home Realty. Thank You
do not call any real estate brokers you could do it all on your own for cheap money there are many sites you can list it for under 50$ you all ready stated that your bank will allow a assumeable mortgage first have it apprasied then ask for some of the equity you have built up as a down payment so you walk away with cash in hand and then they will assume the loan if they are able to the will have to be approved by your morgtage company Good luck and it is easier then it sounds if i was local to it i would buy it