I was looking at the website for my mortgage company and found something about 'loan assumption.' We are trying to sell our house to the current renters and I wondered if this might be an option. I've never heard of this before so I wondered if anyone had any knowledge or experience with a loan assumption. In our case, if the renters had credit/income that would satisfy the bank, it might be a good deal for everyone. We'd unload the house, the renters could stay in a house they like and refinance when the market is better, and the bank would still get paid and not have a short sale on their hands (when we finally give up!).
I'm going to check our mortgage to see if there is the 'payment in full' clause for sales when I get home.
Thanks for any insight!