Legal Question in Real Estate Law in Washington
Assuming a mortgage
If I were to assume a mortgage to take over payments on a house, would the house truly be my own to remodel and such, would their be any money necessary up front, and could there be any legal claim on the house back to its original owner? Assuming a mortgage seems to be my little family's only option for home-ownership--name removed--a rate that I can afford. We have outgrown the town home we live in, and the apartments and town homes around here (here being Seattle, Washington)have gotten so expensive that we may--name removed--well be paying a mortgage, and we would rather pay our own than someone else's. Any advice you could give us would be greatly appreciated.
1 Answer from Attorneys
Re: Assuming a mortgage
Whatever you do has to be okay with the lender who is the mortgagee. If you and the previous owner make agreements that are not allowed by the mortgage, you can be evicted, the mortgagor can be accellerated and defaulted and you'd lose everything.
Don't get into an agreement like this without spending a half hour with a real estate attorney.
Under your facts, you would be paying somebody else's mortgage. Don't do it without the LENDER'S approval.
Elizabeth Powell
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
