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Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 100052
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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At the time of loan assumption do all balances have to be

Customer Question

At the time of loan assumption do all balances have to be made known
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Ely replied 9 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

The answer is no. Unless the contract calls for it, the borrower does not have to reveal what amount of money they may have, etc. However often, the lender will require such disclosure about finances and assets of the borrower even prior to agreeing to loan the money.

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Expert:  Ely replied 9 months ago.
Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. I am simply touching base. Let me know. Thanks!

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