SIMPLE ASSUMPTION OF A LOAN

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Message

Niicss

Niicss

Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)

Post subject:

Hi mcav! If you want to remove your name from the loan, then your ex-wife needs to refinance the mortgage in her name. Signing a quitclaim will not serve the purpose. Thanks. _________________ Good is the Enemy of Great.

anonymous1979

Guest

Post subject: Simple assumptions

My father passed away earlier in the year- no will, but I am his only child. I am going through the process of getting the deed put in my name and I am the executor on the estate. I would like to make a simple assumption on the loan. I realize that I would then be liable. However, since I am the person making the assumption and making the payments I would like to know exactly how I would be held liable if I were to default. Since my name is on the deed, would the mortgage company just foreclose on the estate or would I have to actually pay the balance that is left on the mortgage ($21,000) if I defaulted? Thanks

jameshogg

Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)

Post subject:

Hi anonymous! As the property will be in your name, the lender may ask you to refinance the loan. If you assume the loan and default on it, the mortgage company can easily foreclose your property. Your property will be sold and the lender will try to recover the debts. If the debt is not fully recovered then, the lender may either place lien on your other property or will ask you to immediately pay him the dues. Thanks.

TIffany

Guest

Post subject: Motgage Assumptions

My sister recently moved out of state; however she was buying a home and wants my husband and I to assume the notes. I don't want to get in this home and not have it in my name and put the work into it and she decides that she wants it back now that it is fixed up. WHat can I do to protect what I have done and get the necessary paperwork in place.

jameshogg

Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)

Post subject:

Hi TIffany! Do you and your husband have documents stating that you own the property? If yes, then your sister will have no claims to it. But if there is no such documents, then I am afraid that you will lose the property. Thanks.

weewee

Guest

Post subject: simple assumption/property willed

can a loan be assummed if the owner has passed/deceased and the property has been willed to you, but you creit is marginal?

jameshogg

Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)

Post subject:

Hi weewee! When you will be assuming the loan, the lender will check your credit. If your credit is not good, then there are chances the lender will not agree for a loan assumption. Thanks.

biker lady

Guest

Post subject: simple assumption

My mom die and she will the house to me. but I have bad credit can I still get the house with her loan.

jameshogg

Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)

Post subject:

Hi biker lady! You haven't mentioned your credit score. FHA offers loan to people who have a credit score of 580. But again there are various criteria to get the loan. If there are any late payments or unpaid collections in the last 1 year, then there are no chances of getting a loan. This community also has a number of lender who may provide you a no-obligation free mortgage consultation. You can speak to them about your situation. There are also some lenders who will offer you a free consultation to improve your credit. Thanks

Guest

Post subject: Assumption Process

My dad recently passed and he willed the property to me but there is a les pedens on the property. Do you know if the mortgage company will complete the assumption of the loan into my name if there is the legal issue on the property? The property is already deeded in my name.

jameshogg

Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)

Post subject:

Hi Guest, The lender may have issues in completing the loan assumption with you considering the fact that there is a legal issue with the property. You can try to clear off the les pendens as soon as possible and then try assuming the loan. Moreover you should also inform the lender about the les pendens on the property. If you do not inform and if the lender comes to know about it later on, he may penalize you. Thanks

Guest

Post subject:

Thanks for the note. The other option is to pay off the mortgate. I would assume there would not be any issues with paying off the mortgage with the Les Pedens. Please let me know your thoughts. Thanks!

Niicss

Niicss

Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)

Post subject:

Hi Guest, Does your lender know that there is a lis pendens on the property? In my opinion you should first inform the lender about it. I think the lender will have no problems if you are paying the mortgage payments. However, if the person placing the lis pendens files a "Withdrawl of Notice of Pending Action" and records it at the county recorder's office, then you will be able to assume the loan. Thanks. _________________ Good is the Enemy of Great.

builder 2B

Guest

Post subject: Subject to existing mortgage

When a subject to existing mortgage is completed, I understand the new buyer is not obligated for the note but the seller still has obligation and is still responisble for payment. My question is for the seller debt-to-income. Is the mortgage payment still included in his DTI and could prohibted them from purchasing anything late. Can the Seller qualify for new loan without counting this mortgage debt.