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I have a copy of someones mortgage, and was looking to see…

I have a copy...

I have a copy of someones mortgage, and was looking to see what we could leverage in the agreement to do seller financing or have myself assume the mortgage.

Lawyer's Assistant: Has anything been filed or reported?

I am in Indiana

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Customer reply replied 4 months ago
please see section 18, as well as the amendment to Section 18.
Answered in 2 hours by:
1/17/2018
Bruce Schreiber
Category: Real Estate Law
Satisfied Customers: 307
Experience: Attorney At Law at SELF
Verified

Welcome & thank you for your question. I am the professional that will be assisting you. I am reviewing your question & will be with you shortly.

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Customer reply replied 4 months ago
Sounds good.

i have reviewed your attachment. i have closed over six thousand transactions using a form of that document (albeit in a different state)

Section 18 boils down to the simple fact that of the owner/mortgagor sells or transfers ownership the mortgage immediately becomes due. The Lender may agree to an assumption of the mortgage, upon the possible payment of a fee. Additionally, the Lender will require that the potential new owner/mortgagor is able to qualify financially for the loan assumption.

Bear in mind that despite the fact that the mortgage amount is listed as $57,000.00 in 2002, there is no way to know what the balance is at this time. In some circumstances it could even be higher, though that is no likely after this many years.

Do oyu have other specific questions?

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Customer reply replied 4 months ago
Would you be able to consult me through the entire process I should go through?

Well, you have no ability to commence the process with the Lender. You need to contact the owner and make an offer. Is the property listed for sale? Do you know the appraised value? The Seller would have to initiate the process with the Lender

You should make an offer that includes seller financing, or the proposed assumption. Unfortunately, since you don't know the mortgage balance you may have to negotiae that after your purchase offer is accepted.

Bruce Schreiber
Category: Real Estate Law
Satisfied Customers: 307
Experience: Attorney At Law at SELF
Verified
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