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it is not against the law.
but asking for permission was not necessary.
just buy the house with seller financing by wrapping the underlying loan and go for it
I’m looking at a 3/1 that needs a lot of foundation work. The only thing against this house is a home equity loan. The people just want out. The people told the banker they weren’t paying anymore on the loan.
I know the bank president that has this loan. I talked to him about taking over the existing loan (I’ve done this before with this bank).
He said it’s against the law and the loan can’t be assumed? This house needs about 25K in repairs and with the current loan would bring it up to 70% of FMV. I was wanting him to discount the loan and take it over.He wouldn’t even talk about it any further. I thanked him and left.
Now I’m regrouping.
Anyone know if this is true or not?
If she wants a discount though, I am guessing she will need him on her side somehow. I think I would talk to him again. Explain the process to him and see if he’ll go for it. If he looks like a dead end, don’t waste too much time on it. Dealing with bureaucrats is always frustrating. When people say “you can’t do that, it’s against that law!” I always like to ask them if they can point the law out to me. He was probably thinking you wanted to assume the loan, rather than take over payments.
Even non-assumable loans are assumable.
If the loan is in default, either request a short sale package or try to buy the note.
And have a private lender waiting to put up the $ if necessary.To get the bank to modify the loan and let you take over those payments on the new mod loan, it will be harder to push through.
Not impossible, but harder….
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