I am looking at a home in which the owners want to have me assume the payments and assume ownership of said home. Is this possiable and how much will it cost me to do this? The property is a home with purchase of 1 acre of land in Alabama.

It depends on the type of loan they have many can be assumed, others can't be. You need to speak to the mortgage company and find out the exact terms, if the mortgage is and what their fees are.

I will assume the mortgage company will have fees to do this. There will have to be a new deed of trust and various home inspections and forms.

You need a good real estate person to walk you though it, along with an real estate attoreny to do the closing for you.

I believe, or at least they used to, in Alabama have title companies, but since this is an assumption you may want an attorney who does real estate.

There is no such thing as ASSUMABLE mortgage loans any more. You will have to "wrap" the current mortgage with a land contract to the new owners.

Cvillecpm, I just sold my home the new owners mortgage is ASSUMABLE, They got a FHA loan and there is s clause which states the conditions to assumble the loan.