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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Adonis,
I meant to say that if the person lives in the house for less than 2 years, he may be eligible for the reduced gains exemption. |
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jason gonzales
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Post subject: assumptian |
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| my house was sold on a assumptian deal 4 years ago all payment made on time since does that mean i cant buy a house of my own? |
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Michel
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Hi,
I think you can qualify for a new mortgage even after selling your house on an assumption deal.
Lenders generally look for your credit report and debt-to-income ratio. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Hi Jason,
Your house was sold on a assumption deal 4 years ago. I hope now you have gain good credit score. So if your credit report is good, you can surely qualify for the mortgage.
Thanks,
Larry |
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skydust
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Post subject: Quit deed |
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| my boyfriend and i live together in a house that i bought from my mother's estate. My lawyer prepared the papers for my boyfriend to sign which states that he does not have any claims on my home, and when presented with a quit claim he is to comply to signing off of any interest in the house, my concern is that he is the mortgage holder, once he is off of the deed will the mortgage come to me, which would be fine |
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RON FERRELL
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Post subject: SIMPLE ASSUMPTIONS |
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Been reading this page; simple assumptions vary from lender to lender not to mention the type of mortgage your in. I think people are confused with other types of assumptions. So far i have ran into three and one of them is what works for me.
An existing va backed mortgage without refinancing; using a simple assumption to put my wife on it as secondary; not primary; for 50 bucks. No refinancing; no other type of loans; va mortgage stays the same; me as primary her as secondary for 50 bucks. I've had the va backed mort. Thru a major lender (the second one) since 1999. This is a great deal and break. No refinance; no non va backed mort. And no other conventional mortgages; nothing changes except the wife is the secondary; not the primary and as long as i live we get the prop. Tax break; if i go; she has one on file and gets the same. My dic will cover her payments. These discussions are hard to follow due to the infinite variables. I just went nuts as of this date jan, 7, 2008 found the right person after a month of phone tag and it's a piece of cake. Now i can move on to wills and such. Semper fi!
[Modified as per forum rules] |
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jenkin7
Joined: 04 Jun 2007
Posts: 3423
Location: Hawaii
512.90 Dollars($)
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Hello Skydust,
I think it will be better if you consult your lender before you do a quit claim deed. Because the lender might call the entire mortgage balance due immediately if there's any change in the property ownership or else he might not give his consent to remove the primary borrower's name from the title of the property.
If you are willing to take the mortgage in your name then you have to refinance the loan in your name but that will be possible only if you qualify for it.
I think it is important for you to talk to your lender before you do anything else. |
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Guest
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Post subject: Thanks |
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| This forum has cleared most of my doubts about simple assumption. |
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CONFUSED M
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Post subject: CASH TO MORTGAGE |
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| CAN A PERSON USE THEIR RRSP'S AS A DOWNPAYMENT ON CASH TO MORTGAGE WHILE ASSUMING A MORTGAGE OR IS THIS STRICTLY CASH. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Hi Guest.
Welcome to the forum.
You can use your Retirement Savings Plan to pay the down payment but I don't think it is a good move to eat up the Retirement Savings account.
Best of luck,
Larry |
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unknown
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Post subject: a deceased loan |
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| my father died with a mortgage balance left on the house. it is our family house that i grew up in. my brother does not want any parts of the house, so i have been making the payments in order to prevent the bank from forclosing on the property. can i get then morgage loan transfered in my name and if so, do i have to refinance the balance in order to do this? |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Post subject: RE: refinance loan balance |
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Hi unknown,
You will have to refinance the current mortgage balance so that you have your name on the loan. Know more on refinance prior to going for it.
Thanks. |
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Beth
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Post subject: Liability |
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| My divorce left liability and property to my ex. (We're still on good terms) The mortgage company says that we're both still responsible though. They wont remove me from the mortgage and his credit isn't good enough to re-finance. Assumption was mentioned as an option of removing financial liability from me, but reading here that doesnt sound right. Any other options? |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Welcome Beth.
Novation may be another option but as your husband's credit is not good enough, the mortgage company may not agree to do the novation. But you can contact with the Mortgage Company and request then for the novation.
_________________
Good is the Enemy of Great. |
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mcav
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Post subject: Removing name from loan |
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| Do I need to file an assumption, a quit claim deed, or something else to have my name removed from the house loan with my ex-wife? |
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