Was skimming through the news earlier and saw this story about a couple who took over someone else's mortgage thinking they'd scored a sweet deal. Turns out, they ended up inheriting a bunch of hidden debt and legal headaches because of some fine print they missed. Kinda got me thinking, how common is this? Seems like something that could easily go sideways if you're not super careful. Anyone here ever looked into this or tried it themselves? Curious if it's usually worth the hassle or just too risky...
"Seems like something that could easily go sideways if you're not super careful."
Yeah, totally agree with this. As someone currently navigating the homebuying maze myself, I've looked into mortgage assumptions briefly. From what I've gathered:
- It can save you money upfront (lower closing costs, sometimes better interest rates).
- BUT... hidden liens or debts tied to the property can become your headache.
- Plus, lenders often have strict qualification criteria for assuming mortgages.
Honestly, unless you're super thorough and have a good lawyer checking everything, it feels pretty risky to me.
