Simple Assumption Clause

Guest

I am trying to help my neice obtain a mortgage modification Her Father passed away about a year ago and the mortgage is now in the name of his estate.

A HUD counselor that I took my neice to advised she must obtain a simple assumption adding her name to the mortgage. She is disabled and lives in the residence, She and her Father previously shared all expenses.
The counselor advised she will need a copy of the recorded deed, processing fee of $100, revised HO insurance to her name, copy of the will naming her as beneficiary, death certificate and copy of her SS card.

Is there an application available anywhere on line that I could complete in advance of taking her to the county clerks office

thanks for any help

jenkin7 · Posted: Sun Aug 16, 2009 11:38 pm Post subject:

Hi Dick,

There's no such application form that you can get online to assume a mortgage. You need to contact the mortgage holder. They should be able to assist you with this.

The HUD counselor said the right thing. She needs to get the mortgage in her name on order to qualify for a loan modification. The modification will help her afford the mortgage payments and stay in the house. You need to first talk with the mortgage company regarding the simple assumption. Given the situation after her father's death, I believe the mortgage holder will be ready to co-operate with her and let her be added to the mortgage.

Guest

Thanks for the advice. I will take her over to Bank of America and see if they will add her on without difficulty.

Guest

Bank of america is advising that my niece must have the will probated. The will clearly leaves all to her and her brother and she is executrix. The only sset was her fathers condo where she has liived for 36 years. As this might cost quite a bit, I thought there was a federal law that would force the simple clauuse for family members without probate.

Guest

I meant the above as a question. While the original deed is still in her deceased father's name, she has been paying the mortgage for the last two years. will she have to also get the title changed ?

savior70 · Posted: Wed Dec 02, 2009 6:00 am Post subject:

Hi,

It's better to get the property title changed in your niece's name. If her father had left a will in her name, the will needs to be probated so she gets the title to the property. However, if you do not want to probate the will now, you can ask her to simply keep making the mortgage payments. The property as well as the mortgage will remain in her deceased father's name. So long as she stays current on the mortgage payments, there will not be any problem for her.

Guest

I was previously told she needs the title in her name to qualify for Bank OF America to issue simple assumption clause and that clause is needed along wirh title in her name for them to conssider mortgage modification under Obama "making home affordable" - Is this correct or is the lender just blowing her off?

gmakerley · Posted: Wed Dec 02, 2009 3:23 pm Post subject:

dick, i would have to believe that the bank is correct. what you've said here fits in terms of meeting specific guidelines, particularly since you're referring to the Making Home Affordable program.

the idea of her simply maintaining payments on the mortgage, as expressed above, doesn't strike me as valuable. inasmuch as b of a already is aware of her dad's passing, it could pose a difficulty down the road to keep the home in his name while she pays.

what you want to do is to avoid problems, and not to allow them to arise.

jveenstra · Posted: Wed Dec 02, 2009 3:23 pm Post subject: Title

She needs the title in her name

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