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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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If a you enter in a contract "assumption of loan" with a

Customer Question

If a you enter in a contract "assumption of loan" with a real estate buyer and this person agrees to take over the loan.. the deed went into the real estate buyer's name but the mortgage stayed in homeowner's name with the expectation that the real estate
buyer would assume the loan as well. However, the real estate buyer breached the contract and the homeowner had to move back in to keep the house from foreclosing. Can the real estate buyer be sued for breach of contract? And in doing so, if the homeowner
wants the deed to be transferred back over, shouldn't the real estate buyer have to assist with this? The buyer says no because they have already spent money in fees and mortgage payments in which the renter he had in the house failed to make. He expects the
original homeowner to pay the fees to transfer the deed back.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  LawTalk replied 1 year ago.
Good afternoon,
I recently assisted you with a different question.
Your new question here is very scary, if you are the seller of the property. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.
1. Please tell me that you are not the seller in this situation?
2. Is there a specific clause in the contract requiring that the buyer transfer back the title to the seller in the event of a default?
Doug

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