Assumption Question

[beaumoi]

I live in Michigan. I am in the process of assuming the house and only have one paper to send back to the mortgage company before the assumption is official. The co-mortgagers name is off of the title and the insurance already. I know it's late in the game, but is it possible to cancel the assumption and sell the house or have the co-mortgager assume the house? Can the co-mortgager take legal action against me for doing this so late? What if they have entered into contracts themselves thinking that this was a done deal?

Thanks

[LindaP777]

I'm assuming you mean "assume the loan", not the house?
Do mortgage companies still do this? I thought it went out in the 80's!
OP, what have you signed so far?

[HUD-1]

I know that FHA loans are assumable, given the new buyer income and credit qualifies. The original borrower can get a release of liability upon the assumption. Linda is right, what documents have you signed regarding the assumption?