Taking over house payments.?

Question

Are there homes in the housing markets where one can take over the owners home payments.

Answer 1

.  Yes.  The last assumable loans ( no questions asked by anyone) disappeared in 1989.  All the current loans can be "taken over" by a buyer willing to fill out a complete loan application and waiting 30 days to be accepted.

So that leaves you with a scenario where the seller hands you his coupon book and the keys and gets in his car.  You just pay "his" mortgage without telling the bank.  He signed papers that he would never do this. You didn't.  

Answer 2

There may be a few, but assumable mortgages pretty much went out the window in the late 80 and early 80s when interest rates skyrocketed and people were picking up mortgages for low rates instead of the high ones.

for most mortgages, you will have to refinance under your own name.

Answer 3

There are, you still have to qualify for them, but the banks will transfer VA and some FHA loans over to a new person.   Few sellers will go this route, as they either need cash, and you can not pay to assume a loan.