SIMPLE ASSUMPTION OF A LOAN

Thank you Adonis for your quick reply! I appreciate it!!

Hello, my home loan is under my husband name and we're join tenants. He passed away 4 years ago and I change the deed under my name already. Now, I want to refinance my mortgage loan with BOA with the program call "making home affordable". Becuase my name is not appear on the mortgage loan (my husband name only), therefore, their home loan department asked me to provide a letter testamentary or a comparable documnet from the porbate court designating and administrator or executor for the estate to do the assumption.
My husband did not have a Wil or living trust before he die. I called the BOA assumption dept and tell them that I'm the owen but they still need me to got some document from the court. Can anyone tell me what to do now?

You can get the property transferred in your name by filing an affidavit of heirship at the county recorder's office. This will make you the sole owner of the property. Once you become the sole owner, it'll be easier for you to assume the mortgage.

I need to sell this vehichle to my son. He works but does not like responsibility. It is an expensive truck that he cannot afford. He pays the note of 225, but he is always short on tag, insurance, etc. It is a stress for me to continue to keep things up an remind him of his truck obligation. Should I allow him to assume and work and pay for the truck or if I sell it(hopefully) and he will have nothing to ride/go to work? He is back in the house with us. Thank you. Suggestions?

Hi gg and jj,

This is something which you and your son need to discuss amongst yourselves. It will depend upon the owner of truck whether or not he is interested to sell off the property. You can let your son assume the mortgage and pay it off on time.

Thanks,

Jerry

will this work for someone that has passed away?

Hi anonymous,

It will be the lender's discretion whether or not he will allow you to assume the loan after the original borrower is deceased.

Thanks

For over a year and a half since my grandfather died and left me as sole beneficiary, I have been filling out forms for B of A's simple assumption process. Every time I fill out a form and send it in, they promise me saying "we're so sorry, this is the last form you will need to fill out"....then, month later, a new form would arrive in the mail. Finally, I received a letter saying "declined". It turned out they declined it due to a late payment within the last year, for which I called B of A and they corrected it, saying it was a "posting error" on their behalf. I called the Simple Assumptions Dept back up to report this and they are now saying that I have to go through Qualified Assumptions since my simple assumption application was declined, regardless of their own error. I am really thinking of suing this company. Would I have a case or good chance of succeeding ? Is there anything else I could do ? I seriously doubt I would "qualify" if I went through that process.

Hi sieish,

You can always sue the mortgage lender if you find something wrong within the whole process. You can go for the qualified assumption process and check out if you can assume the loan.

My father passed away suddenly and I want the home I grew up in does anyone have advise on what I do I know I need a letter for the sumptions department and help on how to write it HELP PLEASE

Hi Kim,

You will have to contact your lender and apply for a loan assumption. The lender will let you know the steps in order to assume the loan.

Thanks

i purchased a home with my then bf both of our names was on the mortgage and the deed. a few years back i refinanced and put the mortgage in my name only however that did not remove him from the deed. how do i go about either letting him assume the mortgage (getting everything out of my name mortgage and deed? the other option is for him to rent from me he is willing to do that as well. advantage / disadvantage of assumption, quit claim deed, etc? ? ?

My husband passed away in may. He had over 100.000 in hospital bills. I am trying to get everything in my name to try to protect myself and the invstment I have made to date Is the assumption process better for me? I can afford to make the payments, but might not pass a refinance process. I have some signifant money to put into the equity, but do not wish to do this until I know the property is safe. I'm just not sue what the best course of action would be.

Hi Queen,

You can sign a quitclaim deed and transfer the property to your boyfriend and then ask him to refinance the mortgage. Unless he refinances the mortgage in his name, you will remain liable for the mortgage payments.

Hi donna,

You can contact your lender and apply for a loan assumption. It will be your lender's discretion whether or not he will agree to let you assume the loan.

Take care

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.