We are selling our house and the buyer asked if our mortgage is assumable. I called Chase and they said that if the buyer qualifies, yes . Buyer has excellent credit, so assumption should go through. our current fixed interest rate is 5.75 and the rates the buyers has been getting from mortgage companies are around 6.5. Is this really a win/win situation? I asked the bank if we (sellers) would be responsible if buyer defaults in the future, and they said no, we are completely removed from responsibility and liability as soon as mortgage is assumed. Any thoughts, experiences, advice? thanks
