It's not that Mortgages are not Unassumable it is that only in Alberta can you Assume a mortgage and not qualify for it. Every where else in the country the bank,lender has the last say if they will accept the buyer. That being said in Alberta however should the person default in the first year of the assumed mortgage the original mortgager is on the hook for the debt liability. So for you to assume another motgage in Alberta that's ok but when I sell I make sure that they qualify so if they do default I am not hung for the loan.
It's not that Mortgages are not Unassumable it is that only in Alberta can you Assume a mortgage and not qualify for it. Every where else in the country the bank,lender has the last say if they will accept the buyer. That being said in Alberta however should the person default in the first year of the assumed mortgage the original mortgager is on the hook for the debt liability. So for you to assume another motgage in Alberta that's ok but when I sell I make sure that they qualify so if they do default I am not hung for the loan.
CG
Northern Alberta
I heard there is a way around it by assuming the ortgage in a Land trust...not in your name. Is this true?
[addsig]