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No. There are no loan assumptions in US. Seller’s mortgage holder is irrelevant.
by dd36 9y ago
No. There are no loan assumptions in US. Seller’s mortgage holder is irrelevant.
- henrikschroder 9y agoOk. Good. :-) So why was Klathmon's friend bothered by it?
- tstrimple 9y agoBecause now his friend is forced to be a customer of Bank of America unless he goes through a refinancing process. Even then, unless he's very careful, he could end up refinancing with a company who turns right back around and sells the mortgage back to Bank of America. The same thing happened to me. I've had two mortgages through other banks who then sold my mortgage to Wells Fargo forcing me to have to deal with them and I had absolutely no say in it.
- deleted 9y ago[deleted]