24 Aug Mortgage Payment Problems? We Assume Mortgage Payments – Contact Us
Mortgage Payment Problems? We Assume Mortgage Payments – Contact Us
An assumable mortgage is a type of financing arrangement in which an outstanding mortgage debt and it’s terms can be transferred from the current mortgage holder to our Company by our Company assuming the current mortgage holder’s remaining mortgage debt. Our Assuming Mortgage Payment Experts can help assume your mortgage debt and mortgage debt payments. If you need relief from your mortgage payments, we specialize in assuming mortgage payments and taking over the property associated with it.
Talk to our Mortgage experts, it is important to understand that a mortgage that has been assumed by a third party does not mean that you, the original mortgage holder, is not still responsible for the mortgage debt and the mortgage debt payment. You may still may be held liable for the mortgage debt, which, in turn, could affect your credit rating. To avoid this, you must release your liability in writing at the time of mortgage assumption, and the lender must approve the release request by releasing you of all liabilities from the loan. Our well established Mortgage experts can help you with this process to ensure that the process is performed correctly with your mortgage lender.
An assumable mortgage is, simply put, one that the lender will allow another to take over or “assume” without changing any of the terms of the mortgage. An assumable mortgage allows our Real Estate Investment Company to assume your mortgage – current principal balance, interest rate, repayment period, and any other contractual terms of the mortgage.
When we assume mortgage payments, you are provided with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. If you are in a situation where our Company assuming mortgage payments will provide you with solutions, our Mortgage Experts will review your original mortgage documents to ensure that your mortgage debt is assumable. We will discuss assuming your mortgage debt with your mortgage lender in detail and also provide you with further support throughout the remaining assuming mortgage payment process.
Some mortgage lenders have the option clauses in mortgage contracts that expressly forbid assumptions of the mortgage, or that specify that the mortgage must be paid out on the sale of the property. If this is the case with your mortgage loan, we can still provide you with solutions to your mortgage debt and mortgage payments even if your mortgage is not assumable.
When we assume mortgage payments, our mortgage experts will consider the following:
- Compare interest rates: It may make financial sense to assume the existing loan at a lower interest rate than the current interest rate.
- Compare loan fees: Lenders are required to give borrowers a loan estimate, which is an estimate of closing costs which consists of all the costs associated with obtaining a mortgage. We will help you with the loan assumption fees.
- Obtain a copy of the property title and copy of the mortgage agreement: We will verify and check if there are any other charges registered against the property and verify if the mortgage debt is truly assumable, if the mortgage debt is not assumable, we will provide you with alternative solutions to your mortgage debt and mortgage payments.