Kel C
2024.04.06
If you're on the fence...go the other way
Easy to get in, impossible to get out!!! I was okay with signing up for a loan after reading the loan transfer/assumption portion of the contract. When it came time to sell the buyers were denied due to credit history. The customer service reps stated "We don't rely on credit score, we do a full credit history check." My main issue is that my home is being sold for over 500K to well qualified buyers that were easily approved for a home loan so how are they being denied so this trivial loan. Transparency is key, what they do not tell you in the paperwork is that the transfer credit requirements are more stringent than the initial application which is simply a soft credit pull that also allows you to use a cosigner. For loan assumptions the loan is only allowed to be taken out by an individual applicant.
When I called about the issue they were not able to provide any assistance only stating that I would have to pay off the loan in order to remove the lien on the panels with the disclaimer that they do not have a lien on the house but only the panels which are personal property. The customer reps were scripted and kept repeating the same policy that is clearly a way to trap customers from selling their property in the way that was advertised.
It seems like simple math to me, transfer the loan and allow the lien to remain with the new buyers...Here I am about to move my family to a new the country in a couple of weeks and stuck trying to figure out how to sell our home despite this insane lending trap.
Date of experience: 06 April, 2024
Date of experience: 06 April, 2024