Can mortgages not be assumable?

4 Replies

Originally posted by @Fili Aguirre:

Can some mortgages not be assumable?

 Most mortgages are not assumable.

Originally posted by @Fili Aguirre:

@Mike M. Does it mean you cant do "subject to" with the house that is not assumable?

 "Subject To" is not an "Assumption". They are very different.

An Assumption means you are asking the bank to qualify you for the loan that someone else already has. You have to provide credit reports, income proof, employment proof, tax returns, etc just like any other loan.

Subject To doesn't do any of that. The bank is not notified and the new owner simply starts making the mortgage payment.