Who has done a Mortgage Assignment

[Devin Pickett]

Good Afternoon,

Is a VA loan assignable? If so what are the pros and cons of assignments?

[Jon Holdman]

You're talking about doing a "subject to" transaction.  That's not an assignment nor an assumption.  Assumption would be when the buyer gets the lender's approval to offical take over the loan.  Assignment is when the lender sells the mortgage to someone else.  That doesn't involve the borrower and the borrower has no control over that.  With subject to the property is sold, the loan remains in the original borrower's name and the new buyer starts making the payments.  There is risk because the lender can call the loan.