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Updated over 8 years ago,

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1,788
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Cameron Tope
Property Manager
Pro Member
  • Property Manager
  • Katy, TX
1,381
Votes |
1,788
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Assumption after loan modification?

Cameron Tope
Property Manager
Pro Member
  • Property Manager
  • Katy, TX
Posted

Fellow investors,

Has anyone assumed a loan after a modification has been completed? The loan mod was early this year due to the sellers falling behind on their payments. After the loan mod HUD tacked a 33k lien onto the mortgage. I'm wondering if I have to pay that off before assuming? I have closed deals where I had to pay off any secondary liens but this HUD lien is attached to the mortgage.

Any advice from someone who has successfully assumed loans like this would be great!

Thanks in advance.

Cam

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Emerson Property Management
4.5 stars
157 Reviews

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