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Can a loan be assumed when it is currently in foreclosure status?

by fred208 from Salemburg, North Carolina. Oct 17th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,500 contributions

Yes and no.. the loan can be assumed, but it cannot be assumed if the loan is delinquent.. it must be brought current.. It's possible the lender will allow the payment to bring the loan current upon transfer, but that would be up to the lenders guidelines as to whether or not they would require sufficient funds in advance to bring the loan current.. Best option is to contact the lender now and ask.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 17th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,500 contributions

Sorry, I need to clarify. Not every loan product allows for assumptions, and those that do,have varying guidelines.. I'm referring to FHA, VA and USDA.. all 3 allow for assumptions, but each program has different qualifying guidelines.. for example, VA is only assumable by another veteran with available VA benefits.. USDA has income maximum's, and FHA is pretty much open to anyone who does not currently have an FHA loan now.. however, Conventional does not allow for assumptions at all. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 17th 2016
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