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some body was living in Ga in his whole family, somethings bad happen the family got separate to different others state. The man decide instead of loosing the empty home by forclosure because he can not afford it to transfert the morgate to a friend. Can I accept that. What do I have to ask him to do to make the transfert legal.

thanks
Rose

livinginnky · Posted: Sun Jan 27, 2008 11:16 am Post subject:

Call the lender of his mortgage. If they won't let you assume his mortgage.... you will need to obtain your own financing and purchase it from him.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

His mortgage company will probably run a credit check on the person who wants to assume his mortgage just like if they were just purchasing the home.

you can see if they will do a transfer but more than likely he will have to start over and do the mortgage on your own as if you were purchasing any other home.

I know this is not what you wanted to hear but call his mortgage company/lender and ask them what your options are.

michelle · Posted: Mon Jan 28, 2008 6:29 am Post subject:

Welcome Rose,

I agree that you should contact the lender and see if they will transfer the mortgage to you. If they will not, you should look into obtaining your own financing on the home. In order to do either, you will need to qualify for the mortgage you are assuming or obtaining.

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