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Need information on a loan assumption.

Will I need to hire an attorney for the loan assumption process? by amcuri265 from New Hartford, Connecticut. Aug 14th 2019 Reply


Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,248 contributions

There are two steps... Contact your current lender to discuss someone else taking over the loan - and if it is even possible with your current loan. All assumptions are based on the person taking over the loan to be 'qualified'. Then there should be something written up, like a standard purchase agreement, or something similar to deal with the actual sale and transfer of the property. Your lender may also have some specific forms, but I'd start with calling your lender to get the requirements for allowing an assumption. I lend in MN, WI, and SD, and can be reached at JoeMetzler.com. NMLS274132

Aug 14th 2019
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Dotty Owens (do1025)
#24 ranked lender in Connecticut - 21 contributions

What Joe said is correct, however, I would also like to add, that it is always a good idea to speak with an attorney to be sure that your best interests are met in any kind of a Real Estate Transaction. I lend in Connecticut. If you need any additional information, please feel free to contact me at dotty@northeast-mortgage.com. I'd be more than happy to help you with this. Good Luck.

Aug 15th 2019
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