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zepy12
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Post subject: simple assumption: name on mortgage |
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| i understand how the simple mortgage thing works...one question: will my name be removed from the mortgage (even though I am still legally responsible)? The house as already been quit claimed to my ex wife. Will the mortgage still show up on my credit reports? |
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savior70
Joined: 25 Mar 2009
Posts: 1416
Location: Florida
167.66 Dollars($)
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Post subject: |
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To Don,
If you add your son to the loan, I believe he will be required to sign some of the loan papers. It sounds a bit strange that you added your son, without him signing any of the loan documents. Talk with your lender and find out what they did and how exactly they added your son to the loan agreement.
To zepy,
The mortgage will show up on your credit report, even after you quitclaim the house to your ex-wife. The only way you can remove your name from the mortgage is through a refinance. Your ex needs to refinance in her name to take your name off the mortgage. |
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EdF
Guest
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Post subject: Buyer Assuming Private Note On Vacabt Land |
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| I purchased vacant land 6.5 years ago where the seller financed 75% of the purchase with a private note that was at 7% interest with quarterly payments. At the end of 5 years we drew up a new note that was at 8% interest, with interest only payments, for another 5 years. I have entered into escrow to sell the land for more than what is owed. The note holder has approved the buyer for assuming the private note. The note and deed are in escrow with instructions for the buyer to assume the note. Does this constitute a "Simple Assumption" and leave me potentially on the hook for payments if the new buyer defaults? If that happens, do I have the right to foreclose or is it the right of the original note holder? What do I need to do to protect myself against future claims? Do I need a release of liability? Who signs this? Is it a recorded document? We're supposed to close escrow in 10 days so time is short. Thanks in advance for your response. |
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mh
Guest
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Post subject: Qualified or Simple Assumption |
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Hello
I live in PA and the house is under my in laws names. I have lived here with my husband and son for almost 11 years. We are planing to have our names on the mortgage because that was the original plan about 10 years ago.
My credit is ok but not great and my husband does not have good credit. If we get our house under our name eventually we want to sell the house and move. The lender is already willing to either do this as a qualified or simple assumption. My question is with simple assumption does our name go on the mortgage? |
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josh8g
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Post subject: Quitclaim and simple assumption of a loan in FL |
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Can I do a quitclaim for a property and a simple assumption of the loan without notifying the lender? I believe the loan has no assumption clause. My real estate agent is telling me to just do a quitclaim and make the payments then in a year show the canceled checks and ask for the lender to transfer the mortgage to my name. My concern is they will call the loan due and I will have to come up with the loan. I also don't want to pay unless I am assured of the property being mine if the mortgage is paid off.
Thanks |
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csm108
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Post subject: Simple Assumption/FHA Loan |
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| My ex-fiance and I purchased a townhouse in Minnesota and we are in the process of dividing up our things. We know that our loan is assumable, but I want to know if we do a Simple Assumption if my name will be removed from the title, loan and my credit report. I want to make sure that I'm free and clear from ALL liability to the house. |
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jenkin7
Joined: 04 Jun 2007
Posts: 3422
Location: Hawaii
512.65 Dollars($)
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Post subject: |
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To csm,
In order to be removed from the title, you can sign a quit claim deed and sign over your interest in the property to him. To take your name off the loan, your ex will have to either refinance or assume the loan. Once your name is taken off the loan, you can have the mortgage debt obligation removed from your credit report. However, when your ex assumes the loan, you must make sure that you get some sort of documents like a release of liability etc. from the lender as a proof that you are no longer responsible for the loan.
To josh,
It is absolutely not possible to do a simple assumption of the loan without notifying the lender. The lender will have to approve the assumption. Moreover, if there is no assumption clause in the mortgage, a simple assumption will not be possible. It will not be easy to get the mortgage in your name just by showing the cancelled checks. You will have to meet other required criteria and qualify for the loan. Then only the lender will consider adding your name to the mortgage. You cannot do anything without informing the lender, otherwise they might call the loan amount due and ask you to pay off it off in full. |
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lauragaile
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Post subject: SIMPLE ASSUMPTION OF A LOAN |
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| My husband and I are looking into doing a assumption loan. I am not sure how much I really understand it. the people are splitting up so after the home is paid for how is the deed put in our name if they are no longer together or anywhere around? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3422
Location: Hawaii
512.65 Dollars($)
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Post subject: |
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Hi lauragaile,
Could you explain your situation a little elaborately? Are you planning to split up? Is the current mortgage both in your husband's and your name? Who is going to assume the loan? Who holds the property title at present? You, your husband or both of you? |
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RC
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Post subject: Assumption of loan by seperated spouse. |
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| My wife left the house 5 weeks ago seeking a life independent from me and our three kids. She called me yesterday and threatened to file a form for assumption of the mortgage by herself if I don't agree to refinance the house through the Obama plan.Can anyone tell me how she can do this "assumption" without me and what it means for me as primary signer on our mortgage? |
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savior70
Joined: 25 Mar 2009
Posts: 1416
Location: Florida
167.66 Dollars($)
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Post subject: |
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Hi,
Why does she want you to refinance the house? It seems her name is listed on the mortgage as co-borrower and she wants to take her name off the loan, right? In that case, an assumption will not help. If she assumes the loan, she will become the only person responsible for the loan, which I believe she does not want. If she plans to file a form for assumption on your behalf, it will not be possible as your signature would be required on the mortgage documents. |
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