Question:

How can I get rid of my FHA assumable mortgage in the cheapest and most effective way?

Answer:

When dealing with assumable mortgages, you cannot rely on handling the assumption on your own. Even if you find a buyer to transfer your FHA assumable mortgage to, you are still liable for the property and the mortgage, in most cases. Handling an assumption on your own may be the cheapest way, but you are not protected if problems arise in the future.

Your best option to go with your FHA assumable mortgage will be to find a good real estate lawyer to help you with legal paperwork. They will help you get a modification or novation agreement explicitly stating your mortgage has been assumed by whomever and that you are released from any liability. Hiring a lawyer may not be the cheapest way to go but surely will be the most effective and provide best legal protection.

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