Question about dvc loan assumption

[steph]

Here is my situation, dvc was purchased with two people on the loan and deed, now I want to assume the loan and have the deed in my name only.

At first dvc told me to complete papers to assume the loan, then they said "The lender is not allowing assumptions or transfers subject to the mortgage", and that I would have to arrange to pay off the loan in order to get the deed just in my name.

Does anyone have any suggestions, and has this happened to anyone else who has tried to do this? I just don't understand why one day this person tells me one thing then a couple of weeks later it is different.

Bottom line is I have to get the second person off the loan and deed and have it only in my name.

Thanks for any help

 

[TnRobin]

Based on what you said, it is not the fact that there is a second person on the original loan. It appears, that after research the lender/bank has determined that the loan cannot be transferred or assumed. This has to do with how the original loan papers were worded.

Even if the loan were assumable, the bank has the final say so as to there they will allow the assignment of another borrower. DVC would not have known this until it were presented to the bank, hence your different answers.


Note: this must be a very old loan, DVC has not offered an assumable loan for quite a few years.

 

[steph]

The bank would have no idea at this point, because no papers have been received by dvc in this matter. I faxed the assumption papers to dvc and then email a couple of days after to see if they got them and this is when I received the different answer. The lady I was to send the papers to said she did not receive them but it didn't matter because they would not allow an assumption anyway. The loan is only 2 years old and the points were purchased directly from disney, not a re sale or anything.

 

[RobDoc]

At one time, DVC did offer assumable loans for it's financing package. As Robin pointed out, that has NOT been available a number of years now.

It sounds as though your question was answered originally by DVC based on an assumption that you were purchasing one of the early, assumable loans. Once your information was received, it was obvious that the loan was not assumable- especially if it was just made in the last 2 years.

You might still consider a home equity loan or 2nd mortgage on your own home to provide financing. Most resale brokers can also suggest financing options.

Good Luck!