Looking for someone to assume my daughter's condo loan

Looking for someone to assume my daughter's condo loan

Member since 2026 · 2 posts · 0 votes

Hi all.  New to this forum.  Hoping I can find the right audience.  Last year, my daughter bought a condo in Santa Clarita a few months before her wedding (her fiance's credit was too poor to be included on the loan and deed so I co-signed with her).  2 months after their wedding, her new husband starting treating her horribly and wanted out of the marriage, leaving my daughter with a condo that she can't afford on a school teacher salary.  We are now trying to find someone to assume the loan (current balance of $565K) for a condo with a current market value of $580K or so.  Once the market improves, this place will be worth north of $600K easy.   Trying to find an investor to take this off her hands so she can finally heal financially and emotionally.   2 bedroom, 2 bathroom condo on a top, corner location with a covered patio and huge balcony and plantation shutters throughout.  

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2mo
    Quote from @Tom Rietta:

    Hi all.  New to this forum.  Hoping I can find the right audience.  Last year, my daughter bought a condo in Santa Clarita a few months before her wedding (her fiance's credit was too poor to be included on the loan and deed so I co-signed with her).  2 months after their wedding, her new husband starting treating her horribly and wanted out of the marriage, leaving my daughter with a condo that she can't afford on a school teacher salary.  We are now trying to find someone to assume the loan (current balance of $565K) for a condo with a current market value of $580K or so.  Once the market improves, this place will be worth north of $600K easy.   Trying to find an investor to take this off her hands so she can finally heal financially and emotionally.   2 bedroom, 2 bathroom condo on a top, corner location with a covered patio and huge balcony and plantation shutters throughout.  


     Hey Tom, 

    Would you consider just selling  to an investor privately instead? Happy to look at this property. I am local in the valley 

    LuxePrivate Investments LLC 572 Reviews
  • Member since 2026 · 2 posts · 0 votes
    2mo

    Open to anything that wouldn't kill us in out of pocket since there's basically no equity since it was bought a year ago with 5% down.  I can send you a link to the listing (we've been trying to sell it since April)

  • Vijay FriedmanBusiness Member
    Miami, FL · Member since 2026 · 766 posts · 123 votes
    2mo
    Quote from @Tom Rietta:

    Hi all.  New to this forum.  Hoping I can find the right audience.  Last year, my daughter bought a condo in Santa Clarita a few months before her wedding (her fiance's credit was too poor to be included on the loan and deed so I co-signed with her).  2 months after their wedding, her new husband starting treating her horribly and wanted out of the marriage, leaving my daughter with a condo that she can't afford on a school teacher salary.  We are now trying to find someone to assume the loan (current balance of $565K) for a condo with a current market value of $580K or so.  Once the market improves, this place will be worth north of $600K easy.   Trying to find an investor to take this off her hands so she can finally heal financially and emotionally.   2 bedroom, 2 bathroom condo on a top, corner location with a covered patio and huge balcony and plantation shutters throughout.  

    @Tom Rietta
    I'd first confirm directly with the servicer whether the existing loan is actually assumable and under what conditions. With roughly a $565K balance against a stated ~$580K value, there isn't much equity for a traditional investor purchase, so the existing loan terms, market rent, HOA and monthly payment are going to be important in determining whether there's an investor angle here.

    DreamPoint Capital
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