"Investor Loan Services has handled my client’s loan servicing for years. Every January we receive a set of reports from ILS detailing all the financial information we need to complete our client’s tax returns. There reports balance and account for every dollar during the period. The detail of the reports saves accounting time which saves my client money."

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    P.O. Box 1064
    San Benito, TX 78586
    1 (877) 399-1211

    Loan Assumptions

    What is a loan assumption? TOP

    An assumption is a transaction in which a person takes over responsibility for the loan exactly as it is. The terms, interest rate, principal balance, and monthly payments do not change.

    The new owner takes over payments on the existing loan. The monthly payments continue to be paid without lapse. A new account is set up for the new owner.

    Can someone else assume my loan (take over payments)? TOP

    An assumption takes place when someone other than the purchaser takes over the obligation of a note. The assumption releases the financial obligation of the original purchaser.

    Permission from the note holder is required before the assumption process starts. There is an approval process and a processing fee for assumptions.

    Please contact us at (956)399-1199 for more information on assumptions.

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