Mortgage Assumption in Bartlett, IL

Relieve Your Mortgage Burden with Move On

Are you a Bartlett homeowner who is struggling each month to make your mortgage payments? Have you fallen behind on payments or even face possible foreclosure? If so, you’re certainly not alone.

Life can throw unexpected challenges, and sometimes, keeping up with mortgage payments can become overwhelming. As a result, you may have fallen behind on your mortgage payments or even face foreclosure. This, in turn, damages your credit score and finances. So, we naturally understand that you want fast relief before it’s too late.

If you’re feeling the weight of monthly mortgage commitments, we may be able to help you and take over your mortgage or mortgage payments and your remaining mortgage debt. By doing so, we can provide you with fast debt relief, help you avoid foreclosure, improve your credit, and relieve you of the stresses and burdens of your monthly mortgage payments.

We offer two potential solutions:

Solution #1: Mortgage Assumption – We take over your existing mortgage, formally assuming the loan balance with approval from your lender.

Solution #2: A Subject To Deal – We purchase your home and take over your monthly mortgage payments including any overdue payments, but your mortgage remains in your name.

Either option provides immediate payment relief so you can recover and move on from the financial and emotional burdens of your mortgage payments. We handle all the details to ensure a smooth transition.

And both of these options are available to you even if are “underwater” on your mortgage and owe more than your house is worth.

Call us at (630) 326-8686 to discuss the best options for your situation.

How to Know if Mortgage Assumption or a Subject To Deal is Right For You

If the following apply to you, then you may be a good candidate for mortgage assumption or a subject to deal:

– Do you need mortgage debt relief and cash quickly?

– Have you fallen behind on mortgage payments?

– Are you facing possible foreclosure in the near future?

– Do you need to sell your home quickly but do not have the ability or the desire to make needed repairs in order to list it?

– Do you lack the equity for a traditional sale? Are you “underwater” and owe more than your house is currently worth?

– Does your mortgage have a high interest rate or payment you can no longer afford?

If you answered yes to one or more of these questions, please continue reading then reach out to us today at (630) 326-8686 to discuss your situation. We may be able to provide the mortgage payment relief you need through a strategic assumable mortgage, subject to real estate deal, or other prompt real estate solution.

"Take over the mortgage of my house in Bartlett."

Mortgage Assumption

With an assumable mortgage, the borrower (you as the homeowner) and lender agree to let a new buyer (Move On) take over the mortgage contract and loan of your house.

We become responsible for making the remaining payments and assumable mortgage loan balance. You’re no longer responsible to your lender for the home mortgage loan, providing you with immediate mortgage relief.

The Process of a Mortgage Assumption

Here is how mortgage assumption works:

  1. You find a buyer like Move On to take over the mortgage for your property in Bartlett.
  2. The buyer applies to assume your mortgage loan and undergoes underwriting.
  3. Your mortgage company reviews the buyer’s application and approves them.
  4. Closing paperwork transfers ownership, and the buyer assumes your loan.
  5. You are released from the loan. From this point, the buyer makes ongoing payments and is liable for the mortgage balance.

Key Benefits of Mortgage Assumption for You, the Seller

Assuming your mortgage offers these advantages:

  • Immediate payment relief: You stop worrying about monthly payments as soon as the loan is assumed (taken over by us).
  • Protection from foreclosure: Consistent payments help avoid default or foreclosure.
  • Preserved credit score: Your credit is not damaged since foreclosure is avoided and the loan payments continue as normal on time.
  • No home repairs needed: We take the property as-is so you avoid fix-up costs.
  • Quick cash: Depending upon the situation, the deal may include providing you with a cash payment which you can use to help your transition.
  • Clean break: You sever ties with the property for a fresh start.

Mortgage assumption provides a smooth transition path that protects your finances and credit.

The Process of a Mortgage Assumption

Here is how mortgage assumption works:

  1. You find a buyer like Move On to take over the mortgage for your property in Bartlett.
  2. The buyer applies to assume your mortgage loan and undergoes underwriting.
  3. Your mortgage company reviews the buyer’s application and approves them.
  4. Closing paperwork transfers ownership, and the buyer assumes your loan.
  5. You are released from the loan. From this point, the buyer makes ongoing payments and is liable for the mortgage balance.

Key Benefits of Mortgage Assumption for You, the Seller

Assuming your mortgage offers these advantages:

  • Immediate payment relief: You stop worrying about monthly payments as soon as the loan is assumed (taken over by us).
  • Protection from foreclosure: Consistent payments help avoid default or foreclosure.
  • Preserved credit score: Your credit is not damaged since foreclosure is avoided and the loan payments continue as normal on time.
  • No home repairs needed: We take the property as-is so you avoid fix-up costs.
  • Quick cash: Depending upon the situation, the deal may include providing you with a cash payment which you can use to help your transition.
  • Clean break: You sever ties with the property for a fresh start.

Mortgage assumption provides a smooth transition path that protects your finances and credit.

"Take over the mortgage payments of my house in Bartlett."

Subject To Real Estate Deals

Subject to” refers to a real estate transaction that is “subject to the existing financing” or “subject to the existing mortgage.” In a subject to deal, Move On purchases your Bartlett home but does not formally assume the mortgage with your lender. Your existing mortgage remains in your name.

However, we take over making the monthly payments, providing immediate relief without needing lender approval. This is a quicker, more flexible option.

How Subject To Arrangements Work

Here is the subject to transaction process:

  1. We assess your financial situation, mortgage balance, and equity.
  2. You transfer ownership of the home through a deed sale.
  3. Your mortgage stays in your name with no formal transfer.
  4. You move out on an agreed date.
  5. We make ongoing payments as the property owner.
  6. You’re free from payment obligations from that point forward.

Subject to deals provide fast debt relief. We take care of any overdue payments and start covering your mortgage payments right away without bank delays.

Key Advantages of a Subject To Real Estate Deal With Move On

Choosing a subject to arrangement offers these key benefits:

  • Immediate mortgage relief: No more sleepless nights worrying about the next mortgage payment–it’s our contractual responsibility now.
  • Avoid foreclosure: If you’re on the brink of foreclosure, this arrangement can prevent that from happening, protecting your credit score.
  • Improve your credit: As mortgage payments are faithfully made each month, your credit is improved.
  • No repairs needed: We accept Bartlett properties in their current condition as-is. No need to spend on repairs, renovations, or improvements.
  • No selling costs: Traditional property sales come with various costs such as realtor commissions, closing fees, home inspections, appraisal fees, and title insurance. With “subject to” deals, all costs involved are handled by us. You pay absolutely nothing.
  • We assume full responsibility: We take on responsibility for all repairs, maintenance, insurance, and utilities.
  • Less paperwork: No tedious loan approval process is required which results in fast relief for you.
  • Rent Back Option: In certain situations, we may allow you to rent the home back and remain living there for a period of time.
  • Flexible terms: Agreements can be tailored to your specific situation.

How Subject To Arrangements Work

Here is the subject to transaction process:

  1. We assess your financial situation, mortgage balance, and equity.
  2. You transfer ownership of the home through a deed sale.
  3. Your mortgage stays in your name with no formal transfer.
  4. You move out on an agreed date.
  5. We make ongoing payments as the property owner.
  6. You’re free from payment obligations from that point forward.

Subject to deals provide fast debt relief. We take care of any overdue payments and start covering your mortgage payments right away without bank delays.

Key Advantages of a Subject To Real Estate Deal With Move On

Choosing a subject to arrangement offers these key benefits:

  • Immediate mortgage relief: No more sleepless nights worrying about the next mortgage payment–it’s our contractual responsibility now.
  • Avoid foreclosure: If you’re on the brink of foreclosure, this arrangement can prevent that from happening, protecting your credit score.
  • Improve your credit: As mortgage payments are faithfully made each month, your credit is improved.
  • No repairs needed: We accept Bartlett properties in their current condition as-is. No need to spend on repairs, renovations, or improvements.
  • No selling costs: Traditional property sales come with various costs such as realtor commissions, closing fees, home inspections, appraisal fees, and title insurance. With “subject to” deals, all costs involved are handled by us. You pay absolutely nothing.
  • We assume full responsibility: We take on responsibility for all repairs, maintenance, insurance, and utilities.
  • Less paperwork: No tedious loan approval process is required which results in fast relief for you.
  • Rent Back Option: In certain situations, we may allow you to rent the home back and remain living there for a period of time.
  • Flexible terms: Agreements can be tailored to your specific situation.

Receive an Immediate Cash Payment for Your Transition

Choosing a “subject-to” deal with Move On isn’t just about freeing yourself from mortgage payments. We understand that moving and transitioning can come with its own set of expenses. We also understand that you possibly have built equity in your home over time.

That’s why, in many cases, we’re able to provide homeowners with an immediate cash payment. This can assist with moving costs, securing a new residence, or simply giving you a financial cushion as you move on with your life. It’s our way of ensuring that your transition is as smooth and stress-free as possible.

Begin Your Journey to Mortgage Relief Right Now

Contact us today and let's find the ideal solution for your mortgage debt.

    Why Choose Move On?

    Move On is the answer to your burdensome mortgage payments in Bartlett. Here’s why:

    • Reliable payments: We have the ability to consistently make mortgage payments on time every time once we take over.
    • We’re a local company : We meet with Bartlett homeowners face to face to listen and discuss solutions to their real estate problems.
    • We do what’s best for you: Our solutions are designed to benefit you the homeowner first and foremost.
    • Expertise: We know how to navigate assumable mortgages and subject to sales to provide a smooth and quick process.
    • Peace of mind: We handle all the details so you can focus on your transition and fresh start.

    Real Estate Solutions to Match Your Situation

    Every homeowner’s circumstances are unique. Move On offers customized solutions to match your specific mortgage loan situation:

    Facing Foreclosure

    If you are facing default or foreclosure, we can provide urgent mortgage relief through either an assumption or subject to deal. This prevents your loan from going into default.

    Burdensome FHA Loan

    For those with an unaffordable FHA loan, we can assume the mortgage and take over payments if you do not meet FHA (Federal Housing Administration) streamline refinance requirements.

    Job Relocation

    If you need to relocate for a new job, we can assume your mortgage or structure a subject to deal. This could also involve selling the home while you focus on your move.

    High Interest Rate

    Assumption and subject to lets you move on from a high rate on your conventional fixed rate mortgage, or VA loan mortgage.

    Downsizing Needs

    For empty nesters or retirees needing to downsize, we can assume your current mortgage quickly or buy the property subject to your loan. This provides flexibility to purchase a smaller home.

    Financial Recovery Time

    A subject to deal offers temporary financial relief. Once you recover, you can potentially purchase another property.

    No matter your unique situation, we can find the right mortgage relief option for you.

    Let Move On Take Over Your House Payments

    If high monthly mortgage payments have become a major source of stress, reach out to us at Move On. We have the experience and desire to help Bartlett homeowners like you find solutions.

    Contact us today to discuss your specific situation. We’ll review your mortgage balance, equity, and home value to make a fair offer. Whether mortgage assumption or a subject to deal, we can provide immediate payment relief so you can move forward.

    The first step is to get in touch. Call us at (630) 326-8686 or complete our online form and we’ll be glad to answer your questions regarding assumption, subject to sales, and other mortgage relief options. There’s no need to continue carrying the burden of unmanageable payments. Let us help you find the right solution so you can move on from the stress of your mortgage debt.

    Ready to Free Yourself From Your Mortgage Payments and Debt?

    Contact Us For a No-Obligation Consultation

      Let Move On Take Over Your House Payments

      If high monthly mortgage payments have become a major source of stress, reach out to us at Move On. We have the experience and desire to help Bartlett homeowners like you find solutions.

      Contact us today to discuss your specific situation. We’ll review your mortgage balance, equity, and home value to make a fair offer. Whether mortgage assumption or a subject to deal, we can provide immediate payment relief so you can move forward.

      The first step is to get in touch. Call us at (630) 326-8686 or complete our online form and we’ll be glad to answer your questions regarding assumption, subject to sales, and other mortgage relief options. There’s no need to continue carrying the burden of unmanageable payments. Let us help you find the right solution so you can move on from the stress of your mortgage debt.

      Ready to Free Yourself From Your Mortgage Payments and Debt?

      Contact Us For a No-Obligation Consultation

        FAQs About Assumable Mortgages

        What is a mortgage assumption?

        Mortgage assumption is when a homeowner transfers their existing mortgage loan obligation to another person. The buyer undergoes a credit check and underwriting to take over the seller’s mortgage payments and assumable loan balance with the lender’s approval.

        Are FHA loans assumable? Can I sell my home if I have an FHA loan and limited equity?

        Yes, FHA loans are assumable under certain conditions. Here are some key points about assuming FHA loans:

        • The buyer taking over the loan must meet all FHA eligibility requirements and be approved by the mortgage lender. This includes credit checks, debt-to-income ratios, and cash reserves.
        • There may be a 0.05% assumption fee charged by the lender when the loan is assumed. This is capped at $900.
        • FHA loans can only be assumed “as is” – no changes can be made to the assumed loan amount, interest rate, or terms.
        • The buyer assuming a mortgage does not need to put down an additional down payment when assuming an FHA loan. They take over whatever down payment was originally placed.
        • FHA streamline refinancing is available if the assuming buyer meets requirements. This allows them to refinance an existing loan into a new loan in their name at a lower rate.
        • The original homeowner is released from liability once the loan is formally assumed after closing.

        So in summary, yes FHA loans can be assumed by qualified buyers, allowing them to take over the mortgage payments and loan balance. This provides relief for struggling FHA borrowers who need to sell. Move On can walk you through the mortgage assumption process for an FHA loan.

        Are all mortgages assumable?

        No, not all mortgages are assumable. It often depends on the specific terms set by the lender. Most government-backed loans, are assumable but many conventional loans are not. In the event that you do not have an assumable mortgage, we can still take over your mortgage payments through a subject to arrangement.

        What if I don't have an assumable mortgage, can you still help me?

        Yes, absolutely. We can take over your mortgage payments through a subject to arrangement, freeing you from the burden of your monthly payment.

        Are VA loans assumable?

        Yes, VA home loans are assumable. But the buyer must be fully qualified and approved by VA standards. VA protects against predatory assumptions. As with most federal mortgages, VA loans offer more assumption flexibility than conventional loans.

        Are USDA loans assumable?

        USDA loans can be assumed but only with USDA’s consent, and only to buyers who fully meet the program’s eligibility guidelines. It is not a streamlined or easy process. Overall, USDA loans have very limited assumability compared to conventional and FHA mortgages.

        What are the typical fees associated with mortgage assumption?

        Mortgage lenders might charge a fee for the buyer to assume the mortgage, typically ranging from 1-3% of the loan balance. But you as the seller pay nothing.

        Do buyers need to qualify to assume a mortgage?

        Yes, most lenders require the buyer to meet their income, minimum credit score, and down payment requirements to qualify for assumption.

        What are the drawbacks of mortgage assumptions?

        Loan Assumption Fees: Lenders charge a 1-3% fee for the buyer to assume the mortgage. This cuts into the seller’s equity.

        Qualification Required: The buyer must meet the lender’s income, credit, and down payment requirements to qualify for assumption. Many still won’t qualify.

        Time Consuming: It takes much longer to close an assumption deal versus a subject to deal. Lots of paperwork and underwriting is required.

        Fewer Assumable Mortgages: Due to tighter lending standards, fewer home loans today are assumable, compared to decades past. Most are conventional mortgages.

        Loan Balance Limits: For loans eligible for assumption, most lenders cap the maximum balance that can be assumed in the $200k-$500k range. Homes above this range generally don’t qualify.

        So while mortgage assumption is one option if you have an assumable loan, the process can be cumbersome.

        Who pays the mortgage insurance afterwards?

        For FHA loans being assumed, the buyer taking over the mortgage must continue paying the FHA mortgage insurance premiums. This insurance stays with the loan itself, not the original borrower.

        With conventional loans, the assuming buyer or investor would only pay mortgage insurance if the original loan had PMI (private mortgage insurance) and the balance/equity requirements had not yet been met to discontinue PMI.

        If the mortgage is successfully assumed, mortgage insurance premiums may be discontinued earlier than the original schedule since underwriting looks at the assuming buyer’s finances.

        So in short, existing mortgage insurance transfers to the new buyer/investor taking over the mortgage in an assumption scenario. However, assumption may allow faster removal of PMI based on the assuming buyer’s financial profile and equity position. The FHA insurance premiums remain in place until the loan is fully paid off.

        How do I know if an assumable mortgage arrangement is the right solution for me?

        We understand that every homeowner has unique circumstances. At Move On, we specialize in analyzing your current mortgage situation to determine if mortgage assumption is the right solution for you. Our primary objective is to alleviate your mortgage debt anxieties by identifying the best possible solution tailored to your needs whether it’s a mortgage assumption, subject to deal, short sale, cash buy, or other solution.

        FAQs About Subject To Real Estate Deals

        What does "subject to" mean in real estate?

        “Subject to” in real estate (also called “SubTo”) refers to a transaction where the buyer takes over the existing mortgage payments of the seller’s property without the mortgage being formally transferred. The mortgage remains in the seller’s name, but the buyer assumes responsibility for the payments.

        How does a subject to deal differ from an assumable mortgage?

        In a subject to deal, the mortgage remains in the seller’s name, and the lender isn’t typically notified of the ownership change. In contrast, an assumable mortgage involves a formal process where the buyer takes over the mortgage, and the lender is involved.

        Are subject to deals legal?

        Yes, subject to deals are legal. However, they must be executed correctly, ensuring all parties are protected. It’s recommended to consult with a real estate attorney to ensure the transaction is compliant with all regulations.

        Why would I consider a subject to deal instead of a traditional sale?

        Typically, traditional sales take time whereas a subject to deal can offer immediate financial relief, especially if you’re facing challenges with mortgage payments. It will also help you save on closing costs and provide flexibility in terms of property condition and market fluctuations.

        How will a subject to deal affect my credit score?

        As the mortgage payments continue to be made on time under the subject to arrangement, your credit score should improve, especially if your score was negatively affected by late mortgage payments before the subject to arrangement. It’s obviously essential to ensure that the party taking over the payments is reputable and reliable.

        Can I sell my property with an outstanding FHA loan using a subject to arrangement?

        Yes, properties with outstanding FHA loans can be sold using a subject to arrangement. However, it’s essential to be aware of the terms of your FHA loan and consult with a professional to ensure the process is handled correctly.

        I have a USDA loan. Can I do a subject to deal?

        Subject to deals are difficult with USDA loans because they expressly prohibit transfer of title without approval.

        What documents do I sign for a subject to transaction?

        Typical documents include a purchase and sale agreement, settlement statement detailing the transaction, existing mortgage information, and a special warranty deed transferring ownership but subject to the current mortgage loan.

        Are there any potential risks associated with a subject to deal?

        Should the investor default on payments, you, the original borrower, remain responsible for the loan. This highlights the importance of working with a trustworthy company like Move On. To protect your interests, our contract includes a clause: in the unlikely event we default on payments, ownership of the property will seamlessly return to you without any additional costs or charges.

        Also, some mortgage loans include a “due on sale” clause, so lenders could demand full loan repayment upon property transfer. However, most banks do not enforce this since their primary concern is that the payments are made on time every month. We will inform you if your home loan includes a “due on sale” clause and, if it does, discuss your options.

        How long does it take to close a subject to deal?

        Subject to closings can happen in as little as 7-14 days and sometimes faster since no lender approval is required. This provides fast mortgage relief compared to traditional sales.

        Can I get my property back after a subject to deal?

        Typically, once you enter a subject to arrangement and transfer the property’s deed, you no longer own the property. However, terms can be negotiated, so it’s important to clearly communicate your preferences upfront and have a clear agreement in place before proceeding.

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