Assumption of Mortgage

When someone wants to purchase a property and does not want apply for a new mortgage, he or she may be able to “assume” the existing mortgage in order to avoid having to reapply. In these situations, the buyer takes on the liability of any existing debt on the property and can assume the mortgage only if the lender approves.

Before assuming or taking out a mortgage, you need to fully understand the processes involved in order to avoid problems in the future. Unfortunately, many people encounter difficult financial and legal situations that may put their property in danger of being foreclosed upon. To fight to keep your property, contact the Boca Raton foreclosure defense lawyers of Eric N. Klein & Associates, P.A., today at 561-353-2800.

Assumption of Mortgages

If you cannot continue to make payments on your mortgage and want to sell your property, assumption of mortgage lets you sell your home and pass on the mortgage payments to a new owner. The new owner can then either keep the mortgage, or refinance it if he or she wishes.

For example, if you currently have a 20-year mortgage for $150,000 and you eventually sell your property for $175,000, the buyer will pay the $25,000 difference and then take on the mortgage payments. By assuming the mortgage, the new owner is now responsible for your old debt.

Contact Us

If you are having trouble making mortgage payments and are worried about foreclosure, you need a dedicated attorney to help you. Contact the Boca Raton foreclosure defense lawyers of Eric N. Klein & Associates, P.A., today at 561-353-2800 to schedule an initial consultation.