Updated over 11 years ago on . Most recent reply
Loan Assumptions
Is there anyone who has experience with the rules regarding Loan Assumptions? I was told by Bank of America that all loan assumptions have to be occupied by an owner occupant within 12 months. Would this mean that if I sold the house before the 12 months I would not be required to live in it? I have a deal that would work if I could assume the loan and lease option it to a buyer already in hand. Any thoughts appreciated.