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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: There's no art to doing an assumption... Posted by bh1240 on May 28, 2003 at 10:41 PM In Reply to: There's no art to doing an assumption... posted by Ward-CA- on May 28, 2003 at 10:25 PM : : ok,now i have changed the lock and i have no worries about ownership of this property. looks like everything is ok,but i immediately found the first lien again this property was past due and it was already in foreclosure referral list.I contacted WAMU.It took me two days to convice them that i am current owner of this property.they give me two choice.to reinstate the loan or pay it off.i would like to reinstate the loan,but wamu told me the borrower will still be previous owner's name after reinstatement.if i want to assume the loan ,i must get the permission from the previous owner. I doubt if what they told me is right.Mr Ward,can you please tell me how to assume the first trust deed after i bought the property in second trustee sale?Do i really need to get the permission from the old owner to assume loan? : =•=•=•=•=•=•=•=•=•=•=•= : I have to say, that in all of my real estate years, this is the first time I ever heard that a requirement for taking over an existing loan, that’s in foreclosure, is to get the permission of the defaulting borrower after she lost ownership of the secured property, via a foreclosure. : It wouldn’t bother me at the present time though, since refinancing that loan is probably a better choice right now given the low, low home interest rates presently prevailing. It has to be lower than the uncooperative first’s is right now. And qualifying for a refi isn’t any more tedious, expensive or demanding than qualifying for an assumption either. : It’s so competitive right now that you might be sending WaMu a thank you card for turning you down, forcing you to find a cheaper, better deal elsewhere. : Good luck. thank you for your such a quick reply and your wonderful suggestion. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : ok,now i have changed the lock and i have no worries about ownership of this property. looks like everything is ok,but i immediately found the first lien again this property was past due and it was already in foreclosure referral list.I contacted WAMU.It took me two days to convice them that i am current owner of this property.they give me two choice.to reinstate the loan or pay it off.i would like to reinstate the loan,but wamu told me the borrower will still be previous owner's name after reinstatement.if i want to assume the loan ,i must get the permission from the previous owner. I doubt if what they told me is right.Mr Ward,can you please tell me how to assume the first trust deed after i bought the property in second trustee sale?Do i really need to get the permission from the old owner to assume loan? : : =•=•=•=•=•=•=•=•=•=•=•= : : I have to say, that in all of my real estate years, this is the first time I ever heard that a requirement for taking over an existing loan, that’s in foreclosure, is to get the permission of the defaulting borrower after she lost ownership of the secured property, via a foreclosure. : : It wouldn’t bother me at the present time though, since refinancing that loan is probably a better choice right now given the low, low home interest rates presently prevailing. It has to be lower than the uncooperative first’s is right now. And qualifying for a refi isn’t any more tedious, expensive or demanding than qualifying for an assumption either. : : It’s so competitive right now that you might be sending WaMu a thank you card for turning you down, forcing you to find a cheaper, better deal elsewhere. : : Good luck. : thank you for your such a quick reply and your wonderful suggestion. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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