ASSIGNMENT OF MORTGAGE

An assignment of mortgage is exactly how it sounds, you are “assigning” your mortgage payments over to a buyer and releasing your ownership. However, this IS NOT a mortgage assumption.

This method of selling is a popular option when the seller has to sell quickly, but does not have enough equity to sell their house on the market.

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Some of the advantages of an assignment of mortgage:

  • Higher asking price,
  • Little to no closing costs,
  • Typically no realtor commissions,
  • Can improve the seller’s credit,
  • Faster home sale,
  • Market to a larger pool of buyers.

A disadvantage to an assignment of mortgage is that if the buyer stops making payments, the seller will get the house back by either a foreclosure or a deed-in-lieu, therefore putting the seller back where they started.

Markette Properties buys houses using this method or assists you in the transaction with a buyer.

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