Offline-this is crucial information for someone that is looking to invest in PRE-FORECLOSURES, knowing the difference between these 2 very similar but very different terms, could end up saving your butt in a possible deal:
ASSUMING EXISTING LOAN: when buyers assume an existing mortgage, they sign an assumption agreement with the lender that makes them legally responsible for repayment for the loan.
BUYING SUBJECT TO: all the buyer is really doing is taking over the loan payments without being personally liable for repayment of the promissory note.
knowledge is everything- read it, know it, live it, SULLY
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YOUR HERO, SULLY
that is some good info for those that dont know what it means.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
That's great info!!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
ant, as always your info is appreciated, SULLY.
YOUR HERO, SULLY
Your explaination sounds so intellectual and professional, wow! You sounded like Dean now, lol. Great job man!
Lloydsap
You are the man!!! Learned alot from reading your posts and makes it alot easier to understand. Keep up the good work.