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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Bread Upon The Water who wrote (112015)	5/27/2009 11:21:26 AM
From: cosmicforce	Read Replies (1) \| Respond to of 541747

I haven't seen an assumable mortgage for a long time - the FHA and banks argued that they didn't have control over the quality of the borrower. A person of high credit could end up fronting for a person of lower credit. Obviously the system they replaced it with worked SO well!! Not.

To: Bread Upon The Water who wrote (112015)	5/28/2009 4:36:56 PM
From: Cogito	Respond to of 541747

>>I was under the impression, perhaps wrongly, the purchaser was buying/assuming the original loan (in which case the same terms and conditions would apply), but I guess he is paying it off with new money lent under different terms.<< Vinter - Some friends of mine have been buying foreclosed properties. They're paying cash. And a realtor friend tells me that often, short sales and foreclosures generate multiple cash offers. I think it's unlikely that buyers would assume an existing loan following a foreclosure, and that much more often there would either be a new loan or a cash purchase. - Allen