Re: loan assumption

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Posted by Jim V on February 14, 2003 at 20:34:06:

In Reply to: loan assumption posted by got out? on February 12, 2003 at 13:03:23:

: I had a mobile home financed and lived in it for a couple of years... I relocated w/ work and couldn't move it... Long story short... I entered into the homeowners assistance program with the creditor for them to assist in finding someone to assume the loan. I completed some paperwork giving them the power to do so... It sold after several months and I am out of the picture... does this negatively impact my credit. My account was current when the other person took it over.

If it was a formal assumption, yes, you are off the hook. If it was an informal assumption, as long as you can document that the loan was current when title changed hands, it shouldn't hurt you.

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Comments:
: : I had a mobile home financed and lived in it for a couple of years... I relocated w/ work and couldn't move it... Long story short... I entered into the homeowners assistance program with the creditor for them to assist in finding someone to assume the loan. I completed some paperwork giving them the power to do so... It sold after several months and I am out of the picture... does this negatively impact my credit.  My account was current when the other person took it over.

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: If it was a formal assumption, yes, you are off the hook.  If it was an informal assumption, as long as you can document that the loan was current when title changed hands, it shouldn't hurt you.  


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