A Cautionary Tale On Assumed Mortgages

Ever wonder what the risks are of selling your home in a deal that allows the buyer to take over the payments on your existing mortgage?

A Philadelphia Inquirer opinion columnist and editorial page editor recently detailed a personal situation involving a mortgage he had on a home that he sold back in 1994 that came back to bite him some 15 years later.

For the story, see A cautionary tale about assumed mortgages (Or, Why Americans get so angry when there's a bank in the mix).