Anyone with success assuming a mortagage loan?

[Shane Jeanfreau]

Was wondering if any one has had success ever taking over/assuming another persons mortgage. I talked to a guy and he really just wants out of the mortgage and was even thinking about for closing on it.

thanks

[Dave Van Horn]

Hi @Shane Jeanfreau,

Underwriting is strict as it is, so officially assuming someone's mortgage requires bank approval which is much easier said than done.

What I've done is acquired properties subject-to the original mortgage: the difference being, I don't have to ask the bank if I can do it, I just do it. That's the beauty of subject-to, you don't have to qualify for the mortgage.

I actually wrote an article about Subject-To awhile back that you might appreciate:

https://www.biggerpockets.com/renewsblog/2016/07/0...

Best,

Dave