Non qualifying assumption with a possible loan modification

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Johnny Be Good

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Post Posted: Tue Apr 20, 2010 8:11 pm    Post subject: Non qualifying assumption with a possible loan modification
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My father passed away and my mother fell behind in payments now I have stepped up to help her, Wells Fargo has just sent us a non qualifying assumption package in order to get her name and possibly mine on the paperwork in hopes of modifying the debt and getting current. I want to go on the docs with her in order to help out income wise for the modification purposes so they say I have to be part of the assumption. But the key here is I am in foreclosure status on my personal home because as 70% of the homes in America are my mortgage is upside down. So I plan on doing a short sale. Is this going to come up in the modification for my late fathers property and coulld I pose a threat rather than helping my mothers situation out paperwork wise! What should I do and we are running low on time!!!!
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jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
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Post Posted: Tue Apr 20, 2010 11:25 pm    Post subject:
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Hi Johnny,

The fact that you are facing foreclosure on your own home will not prevent you from assuming the loan on your father's property. The foreclosure or the short sale will affect your credit score. But as you are doing a non-qualifying assumption, you need not qualify in terms of credit to assume the loan. Once you assume the loan and keep making the payments on time, your father's property will remain safe.
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