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Reply With QuoteWouldn't do it! Too risky. Like "G" said....get his own loan. jmo
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I sold a house liker that once . Coaching can put you in a bad spot . I was going to lose it if I did not so I allowed a guy in Corinth to buy my Alcorn county house . (Kossuth ) I was basically still responsible for the note if he defaulted . However we had a 5,000 charge paid up front for him to take ownership. Most folks would not take a hit like that. IF "HE DEFAULTED" He lost all payments plus the 5,000. The 5,000 would have made payments on the house for 15 months giving me plenty of time to sell . Creative sells are possible but do not do it solo . Hire a lawyer and stack odds in your favor .
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Wouldn't do it! Too risky. Like "G" said....get his own loan. jmo
"If you ain't the lead dog, the scenery never changes" Unknown
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You need to reach out to your current lender and ask them this question. If it is allowed confirm with them that you are totally free of the debt if the loan is assumed. Your lender is the only one who can give you a clear answer. I could careless if the new owner defaults on the loan once it is out of my name.
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This is an old 2019 thread…
“If your too busy to fish, you’re too busy!” Buddy Ebsen
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Yes it is, and I've already reported BaBaVoz as a potential spammer, seeing as how it's his first post.Originally Posted by BuckeyeCrappie
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He banned…..
“If your too busy to fish, you’re too busy!” Buddy Ebsen
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(Billbob and “G” approved!)
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And I deleted his post.
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But let’s also understand that the question still arises. My response would’ve been not if my name is in any way still attached to the transaction. The thread is still viable for folks to refer to if they are ever asked about doing this. When it comes to my financial security ima cranky old cuss.
Creativity is just intelligence fooling around
