I would like to know how i can put or get a packet together that can help me absorb a mortgage through my LLC. I would need this to present to the lender and home owner in which to have control of the property.
Lenders are going to want you to apply for your own mortgage and the existing financing be paid off. You aren't likely going to find a lender that will allow you to assume a mortgage unless its a local portfolio lender that you have an existing relationship with but financing terms change annually and monthly so if they can get more money out of you they will.
@Nelson Mendes I believe it's got to be Assumable to begin with then you have to qualify.
The seller should check their HUD documents from when they purchased the property. It will state whether or not the mortgage is assumable.
No loans are going to be assumable with an LLC. Only FHA and VA loans are assumable to begin with, and only available to individuals which are owner occupants. I'm guessing the OP is referring to a sub2 though, as "absorbing a mortgage" is not a known term.
@ Al - it means nothing. It's not a term used in the industry.
@Wayne - FNMA and FHLMC are potentially assumable now due to CFPB regulations from last year. Google. "Legitimate Successors in Interest". They have to fully qualify but, there are circumstances where a borrowers heirs can assume a formerly non assumable loan now.
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