Who Can Take Over My Mortgage Payments?

You may have heard the term “assumable mortgage.” But what is an assumable mortgage, and how does it work? More importantly, who can take over your mortgage payments if you behind on your mortgage or need to relocate? Should you list your house on the market or consider selling your house to a local buyer in the Cincinnati, Ohio area?

An assumable mortgage is one that a home buyer can take over from you, the seller – often with lender approval – usually with little to no change in terms, primarily interest rate. The buyer agrees to make all future payments on the loan as if they took out the original loan. A local buyer can often assume a loan because they are in good standing with the lender. Plus, they are likely to either flip the house or rent it out, creating a more secure transaction.

Which Mortgages Are Assumable?

Not all mortgages are assumable in a home sale. Buyers can assume federally guaranteed or insured mortgages, but not other types of home loans. Loans that qualify for an assumable mortgage include

  • FHA loans, which the Federal Housing Administration insures, are assumable.
  • VA loans, guaranteed by the Department of Veterans Affairs, are assumable, and the buyer does not have to be a veteran or in the military.
  • USDA loans, which the Department of Agriculture guarantees, are assumable.
  • Other loans, called conventional mortgages, generally are not assumable in a home sale.

When is an Assumable Mortgage a Good Idea?

There is any number of situations where you may be unable to make your mortgage payments. As a result, you may face foreclosure, forbearance, or bankruptcy. The further behind you get on the payments, the more difficult it becomes for you to catch up. Some of the most common situations where a buyer can take over mortgage payments include

Keep in mind that each situation is unique. As such, it requires careful analysis to determine if transferring mortgage payments to a buyer is a good idea. However, it is much easier to sell your house directly to the buyer instead of putting it on the market. Doing so gives you more options and allows you to make the transactions in fewer steps at virtually no cost.

Benefits of an Assumable Mortgage

From the seller’s standpoint, there are several advantages to allowing a buyer to take over your payments.

A Local House Buyer Knows the Market

Few people monitor and analyze the Cincinnati market as closely as property investors. Our buyers understand the actual value of your home based on a close study of your immediate market. We pay a fair price for your house based on a healthy percentage of its actual value.

You Save Hundreds of Dollars in Selling Costs

You want to sell your house to make a profit. However, the cost of selling your house can add up and eat into your profit quickly. Closing costs, realtor commissions, marketing costs, renovations, repairs, and listing/showing expenses can cost thousands of dollars. When you sell your house for cash, it costs you nothing. We pay all closing costs and fees so that you don’t have to.

The Process of Selling Your Home is Much Simpler

You may log hundreds of hours trying to sell your home the traditional way. Listing, renovating, repairing, and showing your home requires a high level of commitment and effort. Is it worth it in the end? When you work with a house investor, you simply schedule a quick walkthrough and get an offer within 24 to 48 hours.

You Can Transfer the Mortgage Right Now

Why wait 90 days or longer to sell your house on the market when you can sell your home for cash to a local house buyer in Cincinnati? At Neighborhood Enrichment, we typically make an offer on your house within 24 to 48 hours. If you are in a hurry to sell your house, then let us make a cash offer right now.

Sell My House Fast for Cash in Cincinnati, Ohio

If you are ready to sell your house fast, then now is the time. You don’t have to wait for months to close on your house finally. Neighborhood Enrichment can make a cash offer and put cash in your hands in as little as seven days. Call 513-586-4237 to schedule a walkthrough of your property. Sell your house fast for cash in Cincinnati, Ohio.