Assumption

[lmschmidt]

What is the name of your state? Michigan

I contacted my mortage company about having my mortgage assumed. They informed me that they were recently bought by another company and no longer offer assumption. Can they do this? My original mortgage contract clearly states that I can appoint this mortgage to whomever I choose.

Thanks,

Lisa

 

[MortgageGuru]

Call back and talk to someone else.

 

[Ciarraine]

What is the name of your state? Michigan

I contacted my mortage company about having my mortgage assumed. They informed me that they were recently bought by another company and no longer offer assumption. Can they do this? My original mortgage contract clearly states that I can appoint this mortgage to whomever I choose.

Thanks,

Lisa

It probably says that the loan is assumable. The party who is assuming it would still need to qualify with the lender.