Comments on: Let's Resurrect Assumable Loans

By: RobertaMurphy

RobertaMurphy — Thu, 04 Dec 2008 20:32:40 +0000

Jlynn: When I started out in real estate, I did so in Houston, Texas. In those days, all government loans were assumable–as were some conventional ones. It would be a good idea for lenders and guarantors to revisit the idea of assumable loans to help stem the tide of short sales and foreclosures–and provide buyers with a tool for purchasing homes.

By: RobertaMurphy

RobertaMurphy — Thu, 04 Dec 2008 20:29:50 +0000

Maria: I know this would be a welcome move in the San Diego real estate market–and would likely be welcomed by mortgage investors as well (compared to the alternative of foreclosure or short sale).

By: Jlynn

Jlynn — Thu, 04 Dec 2008 19:17:17 +0000

This is how back in 1990 in Texas, we purchased our first home. We later refinanced it. It worked out perfectly. I told my husband the other day, I bet assumables will make a comeback. This is an answer to today's real estate woes.

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By: raffy

raffy — Wed, 29 Oct 2008 14:27:09 +0000

By: Maria Palma

Maria Palma — Tue, 07 Oct 2008 03:59:29 +0000

I completely agree with you, Roberta. Doesn't it make more sense for lenders to allow buyer's to assume a loan? It would alleviate all the hassle and paperwork of foreclosing on a home. I thought many banks practice this, but discovered that this type of transaction is very hard to come by.

By: RobertaMurphy

RobertaMurphy — Tue, 30 Sep 2008 22:16:05 +0000

Keahi: To the best of my knowledge, only VA loans require the Veteran to remain on the hook. Perhaps someone can correct me?

By: Keahi Pelayo

Keahi Pelayo — Tue, 30 Sep 2008 21:45:08 +0000

I am all for it, as long as the previous owner can be taken of the hook for the loan.

By: RobertaMurphy

RobertaMurphy — Tue, 30 Sep 2008 13:09:23 +0000

Brad: You have found what I believe to be an emerging niche in the real estate market. Now to go pound on the lenders!

By: Brad Clemons

Brad Clemons — Tue, 30 Sep 2008 09:47:37 +0000

I enjoyed your posting about assumable mortgages. I could not agree more. I co-founded a company a little over a year ago to address these problems. It is called HomeAssume.com and matches buyers and sellers with assumable mortgages.