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Cyn
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Post subject: co-signer passed away |
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Hi there,
My ex had signed over her half of the house to me two years ago through a quickclaim deed. Unfortunately, she passed away last year. I'm currently looking into getting her name off the loan and apparently doing an assumption loan is the way to do it? I'm just trying to get her name off of the mortage loan to protect myself against my ex's outstanding debt at time of her death. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi Cyn!
Welcome to forums!
You may refinance your ex-partner's mortgage in your name in order to remove her name from the loan. You may contact the lender and apply for assumption. It will depend upon the lender whether or not the lender will consider your request.
Feel free to ask if you've further queries.
Sussane |
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slotalkinwoman
Guest
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Post subject: simple assumption of BOA Mortage Loan |
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With BOA, is it possible to do a Simple Assumption by allowing my grand-daughter and her husband to assume the payments on my house. Would the
title to the property then be listed in their name, as well as BOA, rather than my name? I know that I would still be responsible for the unpaid balance in the event they default. Guess what I am asking is, if a title search was done, would it still show up in my name.
That, plus, does BOA allow Simple Assumptions of this nature? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Welcome slotalkinwoman,
It will be completely the discretion of the BOA whether or not they will accept your grand-daughter's request for a loan assumption. You and your grand-daughter will have to contact the lender in this regard. If the assumption is done, then the mortgage will be under the name of your grand-daughter. However, if you do not quitclaim the property, then the property will remain in your name.
_________________
Procrastination is the enemy of your financial success |
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slotalkinwoman
Guest
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Post subject: adonis |
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Thanks for the reply, and for the information. If BOA allows the simple assumption, then I will definitely check into a quitclaim of the property...
Again, thanks |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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You're welcome, slotalkinwoman!! 
_________________
Procrastination is the enemy of your financial success |
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Richie Roe
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Post subject: Mom Helped Us Out |
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| We live on Long Island, NY. Mom took out a mortgage on her house to consolidate debt and to help my wife & I conduct home improvements on our house. We want to make sure that if Mom passes away that we assume our share of the mortgage payment so the home does not need to be sold to pay off the debt. How best should we go about that. Chase Mortgage holds the loan. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Hi Richie,
Once your mother is no more, you will have to refinance the mortgage in your name and make the required payments on time. Once you do so, the lender won't come after your property.
_________________
Procrastination is the enemy of your financial success |
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sinking
Guest
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Post subject: Get my name off a 2 owner mortgage |
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| My friend and I bought a house in Florida together 8 years ago. I am the secondary borrower and she is the primary. I need to move in with my Mother and help her financially since my Father died. I want to get my name off the mortgage and not just the deed. Our Chase bank said they will send a 10 page assumption package and couldn't tell us the cost. Will this work or does she need to refinance the house or sell? That is what I was told in the past by my personal banker. Do I need to hire a real estate lawyer? Thanks so much. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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Post subject: |
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Hi Guest,
If she assumes the mortgage, then there is no need to refinance the loan. The mortgage will be transferred in her name and she will be liable for the mortgage payments solely as per the rate and term. If she agrees to the loan assumption, then you don't need to contact an attorney.
Thanks |
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sinking
Guest
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Post subject: |
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Thanks for your help jameshogg! Does the loan assumption require both our signatures?
Do I need to sign a quit claim deed too? I put equal money down on the house when we we bought it. I want at least half back,(before signing anything) but she said the house value has dropped and she'll give me a 1/4 of what I put down. I said no, you have to do better. Will I need a lawyer to draw up a papers when transferring money? Thanks again. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Hi Guest,
I don't think loan assumption will require both your signatures. If she is assuming the mortgage, then her signatures will be required on the mortgage docs. if you don't want to keep the property, then you will have to sign the quitclaim deed and transfer the property to her. You can contact a lawyer who will draft the deed for you in order to transfer the property to her.
_________________
Procrastination is the enemy of your financial success |
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Jiggs
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Post subject: I want to help my sister to refi put my name on the mortgage |
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| I want to help my sister refinance, can my name then be on the mortgage? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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Post subject: |
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Hi Jiggs,
When the loan is refinanced, you can add your name to the mortgage docs. However, in order to do so, you should have good credit score and income.
Thanks |
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Richie
Guest
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Post subject: simple assumption vs complete assumption |
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| I assumed my brother's countrywide mortgage when he died. Subsequently Bank of America took over countrywide and I have been making payments on the mortgage for 6 years with no problem. I am now trying to get a HARP modification, and for the past 2 months faxing the same information repeatedly to B of A because they didn't receive it. Now they tell me that I only did a simple assumption and therefore the loan isn't mine and I can't modify, however for $900 they can fix it and I can start the process all over. What is going on? |
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