| Author |
Message |
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10694
Location: bloomfield, ct
35.08 Dollars($)
|
Post subject: |
|
|
it's my pleasure, trisha - hope you have a delightful day as well.
_________________
George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
|
|
|
Shannon746
Guest
|
|
Post subject: divorce |
|
|
| My mortgage is in my husband's name only, however both of our names are on the deed. We are getting divorced and he has agreed to give me 100% of the house, but I need to have it all in my name and his name off. I will not qualify to refinance it, but I have made all the payments from my personal acct throughout the whole mortgage. What can I do to get it in only my name and have his name removed? Is there an assumption to where it would just change out our names and I get all the credit and it be completely removed from him? I need to get his name completely off in case he ever re-marries. please help. |
|
|
adonis
Joined: 22 Oct 2005
Posts: 6654
Location: ALASKA
539.43 Dollars($)
|
|
Post subject: |
|
|
Hi Shannon,
As far as the property deed is concerned, you will have to ask him to sign a quitclaim deed in your favor and transfer the property to you. You will have to refinance the mortgage in order to remove your husband's name from the mortgage.
I don't think a loan assumption is possible in your case. Loan assumption takes place only if the property, which has loan, is sold to someone else and you want that person to takeover the responsibility of mortgage. |
|
|
janice g
Guest
|
|
Post subject: asume mortgage |
|
|
| The home is in my mother name. She is decesed the mortgage is behind and i would like to assume the mortgage. I still live in the home. How can fix this i do have a job and can pay the monthly payment but not the balloon payment the mortgage company is asking for Help |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 6380
Location: Alaska
346.55 Dollars($)
|
|
Post subject: |
|
|
Hi janice!
Welcome to forums!
You'll first have to check the mortgage docs to see if the mortgage is assumable or not. If the mortgage company is asking for the balloon payment, then you'll have to give it otherwise I don't think they would let you assume the mortgage. However, you may negotiate with the lender regarding the payments.
If loan assumption is not possible for you, then you can definitely go for refinance. But you should note that you will have to pay the closing costs for refinancing.
Feel free to ask if you have further queries.
Sussane |
|
|
dalaw
Guest
|
|
Post subject: SISTER DID A QUIT CLAIM DEED BEFORE SHE PASSED AWAY |
|
|
| TITLE TO HOUSE IS IN MY NAME BUT THE LOAN IS STILL IN HER NAME WHAT THE HECK DO I DO. |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 4540
Location: Hawaii
728.42 Dollars($)
|
|
Post subject: |
|
|
Hi dalaw,
If you are only on the title and not on the loan, you are not responsible for the loan. Your credit cannot be affected in case of a late payment or a foreclosure. But if you want to keep the house, you need to get it refinanced in your name and make the monthly payments regularly. |
|
|
chona1979
Guest
|
|
Post subject: getting a FHA simple assumption loan |
|
|
We have tried to get a loan modification for our home and have been denied twice by our lender. My name is not on the loan. I was told to look into a simple assumption loan to help lower our payments and interests. I was told that a mortgage or title company would make a loan according to the current appraisal amount and that is how the lower interest rate and lower payment is made. I was also told that your credit history isn't looked at for this type of deal. Is this so? I find it hard to believe but at this point I am willing to try almost anything, with me being the only income, $2400.00 a month is just too much. please help  |
|
|
savior70
Joined: 25 Mar 2009
Posts: 1899
Location: Florida
261.84 Dollars($)
|
|
Post subject: |
|
|
Hi
A simple assumption of the loan is also subject to the lender's approval. If you are to assume the loan, the lender will definitely look into your credit history and income, because unless they are sure of the fact that you'd be able to make the payments they'll not be willing to approve the assumption. You said you've been denied a modification by your lender. But did you ask them why they had denied? |
|
|
caring
Guest
|
|
Post subject: |
|
|
| what is the process of assumption of a loan.and how fast can it be done? |
|
|
eric1
Community Expert
Joined: 04 Jan 2009
Posts: 1456
216.86 Dollars($)
|
|
|
CAROL
Guest
|
|
Post subject: DEED |
|
|
| I LIVE IN NEW YORK STATE. MY MOM IS ON THE DEED TO MY HOUSE. I AM RE-FINANCING AND NOW THT HAVE ADDED MY DAD BECAUSE HE IS MARRIED TO MY MOM?? THEY ARE NOT ON THE LOAN ONLY THE DEED? IF I DEFAULT, ARE THEY LIABLE FOR THE MORTGAGE? |
|
|
savior70
Joined: 25 Mar 2009
Posts: 1899
Location: Florida
261.84 Dollars($)
|
|
Post subject: |
|
|
Hi
Carol, if your dad and mom are only on the title to the property and not on the loan, they are not liable for the mortgage. Being on the title does not make you responsible for the loan. So, if they haven't signed any loan documents they will be free from its liabilities. |
|
|
assumption
Guest
|
|
Post subject: loan assumption |
|
|
My wife and I are on title to a home in California with our deceased son. Our deceased son is the only one on the loan. There is no Will or Trust. We are tenants in common. Can the lender call our loan? Does the loan pass to us?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
savior70
Joined: 25 Mar 2009
Posts: 1899
Location: Florida
261.84 Dollars($)
|
|
Post subject: |
|
|
Hi
The loan will not pass on to you. If you didn't sign on the mortgage note you'll not be liable for its payments. But if you intend to keep the house you'll need to continue the payments. |
|
|
Previous 1 2 3 4 5 6 7 8 9 Next 
