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.