Instead of selling yourself short, walk away with no consequences. Your loan is assumable (transferable with no change in terms). Home owners with little or negative equity can be released of their mortgage commitment. Buyers want your loan because it saves them money. The benefits of an assumable mortgage strategy are "better" than the alternative short-sale method.
You can transfer it! Just advertise your current monthly payment and let someone else take over. This technique protects the best interest of homeowners in distress. It fully releases all liability, improves divorce settlements, stops pre-foreclosures, and absolves negative equity status. Instead of waiting for the market to recover, take advantage of your mortgage terms today.
CONFIRM YOUR LOAN HAS VALUEUse our free "Estimate your mortgage value" tool. This will help you determine how much your loan is worth and how much savings it will bring to your buyer.
ADVERTISE YOUR MORTGAGE PAYMENTTake 5 pictures and post your loan details in our national directory. It only takes 5 minutes.
RESPOND TO BUYER INTERESTYou control the speed and method in which a buyer can contact you. Quick responses have the best success. Discuss their interest and share more information.
VERBALLY AGREE TO PROCEEDWhile this is a non binding task, it will prompt you to begin the assumption process with your lender.
ORDER AN ASSUMPTION PACKAGEDial your lender to order a "Assumption Package". It's your legal right. Most lenders are able to mail this to you in just a few weeks.
ANALYZE THE ASSUMPTION PACKAGEMake sure it includes "full release of liability details" for the seller. Then follow the lenders instructions with the buyer.
EXPECT 30 DAYSOnce you and the buyer complete the lenders instructions, expect 30 days for them to complete your request. It is wise to confirm the lender has received and is satisfying the request. Some lenders may specify the amount of time needed.
KEEP YOUR RELEASE OF LIABILITY LETTERYour lender will send a full release of liability letter to you once everything is processed and the loan transfer is complete.