DISQUS

San Diego Real Estate: Let’s Resurrect Assumable Loans | Carlsbad, Encinitas and San Diego Luxury Real Estate

  • Brad Clemons · 1 year ago
    I enjoyed your posting about assumable mortgages. I could not agree more. I co-founded a company a little over a year ago to address these problems. It is called HomeAssume.com and matches buyers and sellers with assumable mortgages.
  • RobertaMurphy · 1 year ago
    Brad: You have found what I believe to be an emerging niche in the real estate market. Now to go pound on the lenders!
  • Keahi Pelayo · 1 year ago
    I am all for it, as long as the previous owner can be taken of the hook for the loan.
  • RobertaMurphy · 1 year ago
    Keahi: To the best of my knowledge, only VA loans require the Veteran to remain on the hook. Perhaps someone can correct me?
  • Maria Palma · 1 year ago
    I completely agree with you, Roberta. Doesn't it make more sense for lenders to allow buyer's to assume a loan? It would alleviate all the hassle and paperwork of foreclosing on a home. I thought many banks practice this, but discovered that this type of transaction is very hard to come by.
  • RobertaMurphy · 11 months ago
    Maria: I know this would be a welcome move in the San Diego real estate market--and would likely be welcomed by mortgage investors as well (compared to the alternative of foreclosure or short sale).
  • Jlynn · 11 months ago
    This is how back in 1990 in Texas, we purchased our first home. We later refinanced it. It worked out perfectly. I told my husband the other day, I bet assumables will make a comeback. This is an answer to today's real estate woes.
  • RobertaMurphy · 11 months ago
    Jlynn: When I started out in real estate, I did so in Houston, Texas. In those days, all government loans were assumable--as were some conventional ones. It would be a good idea for lenders and guarantors to revisit the idea of assumable loans to help stem the tide of short sales and foreclosures--and provide buyers with a tool for purchasing homes.