Assuming a Loan

Q: We are currently looking at getting a used mobile home. The couple we are thinking are getting it from has given us the option to just leave the loan as is and just pay the loan off. What type or types of legal documents would we need to have for this to work to our benefit or could it work to our benefit at all? The offer is almost too good to pass up considering we are from Mississippi and we are victims of Hurricane Katrina and in need of a new home. The mobile home is a very nice one and the monthly note is in our budget and with not many years left to pay on it. Thank you!
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Q: My husband and I own a home and are going to move this spring. A friend of ours would like to buy the house but his credit in not good enough to get a loan. Can we refinance with cash out for what we would like to sell the house for, and then grant deed to him and let him assume our loan?
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