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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31765
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Have a mortgage on a mobile home with Vanderbilt mortgage we

Customer Question

Have a mortgage on a mobile home with Vanderbilt mortgage we could Not afford the payment So we allowed A couple to Take up the note On to the home providing the. Transfer the loan Into their name By refinancing the contract as this was in intelligent at the time we allowed them to take over the note They Promise They had Plenty of relatives That would cosign a loan for them As of today November Third They have not done this Thanks my husband shook hands with with the man Also she comes with the man I also typed out an agreement That they were taking over the nose I did not specifically say in the agreement that they had to transfer the note out of our name What I want to know Is If the handshake alone Is legal and binding In the state of Texas I just got a letter From Vanderbilt mortgage Telling me I owe $786 And $0.46 In Or that was in escrow For insurance and taxes Can you give me an answer please Thank you so much
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Roger replied 1 year ago.

Hi my name is ***** ***** I'll be glad to assist.

Any agreement that is made regarding real estate must be in writing in order to be legally enforceable. Also, most assumption agreements like this are contingent on the buyer being able to obtain financing, etc. Thus, if your buyer can't do this, the contract would likely be void because of the inability to finance the purchase.

Thus, there's probably not much hope in enforcing this agreement if it is not in writing.