Expert: Michael McClure - 5/5/2007

Question
My husband and I are in a pinch.  We need to sell our home in Idaho ASAP, due to a sudden job transfer.  We simply cannot afford paying for 2 houses at this time, and we're moving in less than 2 weeks!

We were hoping to find someone to just take over the loan (called an "assumption", right?).  Well, I read that most loan contracts prohibit assumptions.  So I got out our contract to check it out, and couldn't find anything regarding assumption of property.  But there was a clause about "assignment".  Is this the same thing?  Can you explain all this, I just don't understand all the lingo.

Also, I think laws are often different for mobile homes, so to keep things clear, I'll specify that the home we wish to sell is a mobile.  It's a 1972 singlewide in a park.

Answer
Hi Josie....you are in a bind, for sure.  The term assumption is sort of like "chariot", not heard much anymore.  The lenders basically would reevaluate your buyer as a new loan....your desired amount could be the figure they use. A lot depends on the park, appraisal, etc.

You can call Dave Crockett @ MHM...he's a broker...he will be able to tell you what can be done, if anything.
916 861 2292                 Good luck    "~ Michael