How does a simple assumption work

ljmason02 · Joined: 09 Jan 2008 Posts: 1 1.27 Dollars($)

My father wants to put my sister's name on the mortgage and I contacted the lender who said that he needed to complete the paper work for a simple assumption.

gmakerley · Posted: Wed Jan 09, 2008 1:35 pm Post subject:

A simple assumption (from our guidelines) is an assumption where the seller remains secondarily liable and the buyer(s) do not have to qualify for the loan.

the seller in this case would be your father; the buyer would be your sister...hope this all makes sense.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi ljmason,

Welcome to the forum.

Mortgage assumption is a good way to put your sister's name on the mortgage. Lenders don't always approve that. But here the lender is ready to do it. That is good. But does your sister also ready for the mortgage assumption as she is the one who will at the end of the day assume the mortgage?

Best of luck,
Larry

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