Buying a multiplex with 1st lien assumable mortgage
Hello Everyone,
Can I have some advise? I don't know much about 1st lien mortgages, I did read about it online. The seller's agent told me that the bank will not be approving this assumption, there is no documentation for approval, the seller just wants someone to take over the mortgage before foreclosure. The balance is 125k, contract price to assume the loan is 142k so 17.8k is needed to take over the payments. the ARV is 145k. Rents are 2419 a month.
My question is can I refinance after taking over the mortgage? The seller's lender is Chase with an interest rate of 7%. How would I own the home if the bank doesn't approve of the assumption?