Latest / The Assumable Guy Show
If someone assumes my mortgage, am I still on the hook if they stop paying?
The short answer is no, but only if the assumption is done correctly. Ryan breaks down the one document that makes sellers whole: the release of liability. When a buyer assumes an FHA or VA loan the right way, the lender fully underwrites that buyer, approves them the same as any new mortgage, and releases the seller from the debt in writing. If the buyer defaults after that, it lands on the buyer and the lender, not the seller. He also draws a hard line between a real assumption and subject-to, where no lender approval happens, no release gets issued, and the seller's name stays on a…
The skinny
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