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hi im krista nichols im a licensed salesperson at douglas element in new york city if you want to learn more about me you can go to downtownlisting.com what is a letter of assumption in real estate a letter of assumption is essentially an agreement between a current homeowner and the prospective buyer that that prospective buyer will assume the payments of the current homeowner on the remainder of their mortgage this is tricky how well do you know this prospective buyer do you know their credit were they trying to qualify for mortgages in the past and denied and trying to seek this out as a possible solution i think its really important that you consult your mortgage banker who you have the underlying mortgage with and make sure that your loan is transferable its also important to talk to an attorney to make sure that should payments not be made that youre not held liable as the former owner
