Anyone Knows If “assumption Kits” Are True And If They Work?
My mother in law lives in a house that belongs to my husband and we are trying to sell the house because we want to buy one for ourselves through a VA loan (He’s in the Navy)
She wants to buy the house from us, but she can’t really get a loan. We looked into the quit claim deed but that wouldn’t work for us since his name would still be on the note (loan). He called the mortgage company that has the loan on the house now (GMAC) and they told him that he could just send a letter and $300 and they would send him an “Assumption Kit” & that him & mom would fill it out & then send it back to them & within 3 weeks the house and note would be on her name & my husband’s name will be removed from both.
I looked into this and it looks that this might not be true? I’m worried that this is not going to work because it sounds too good to be true and then we will be just paying $300 for nothing!
Has anyone done this? Any experience with something like this?
Thank you!
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