How to Assume a Seller's Mortgage?
Hi Everyone,
I was referred to a potential private sale of a multi-family through a friend. My business partner and I aren't 100% sure we will qualify for the conventional financing we have used on our previous deals due to both of us recently leaving our W-2 jobs. (I've posted about this conundrum elsewhere if you want to weigh in!)
Anyway, one thought I have is, since it's a friend of a friend, maybe he would let us assume his mortgage. We probably have the case to pay out his equity piece of the purchase price.
I am wondering how this works, practically, however. I assume mortgage companies will not agree to such an assignment? Is there a work-around?
Many thanks!
Jeff