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Guest

please help anyone.
We assumed a mortgage that is not supposed to be assumable, the previous owner and his lawyer trying to screw us up after paying thousands for legal actions the title is now under our name but the mortgage is still under the previous owners name. we pay the mortgage every month and getting feed up, and no sign of the bank to change the mortgage name. We want to get out of this house want to stop paying the mortgage. what will happen?

Jessica · Posted: Thu Jul 23, 2009 6:09 am Post subject:

Hi,

Welcome to our community forums.

I'd like to know if you've signed any agreement while assuming the mortgage. Or is it just that you verbally agreed to make the mortgage payments? If there's no written agreement, well then I don't think the lender should demand payments from you. But since they haven't taken any steps to put your name on the mortgage, I suppose they may send you a notice for any missed payments or so. They may even want to foreclose the property.

Since the mortgage isn't in your name, a foreclosure shouldn't affect your credit. But all depends on whether the lender would report it to the CRAs in the name of the previous owner. By the way, did the previous owner take any efforts in removing his name from the mortgage? A foreclosure on the property is likely to affect the previous owner since his name is on the mortgage.

Since you're unable to pay the mortgage and most likely the previous owner would also not wish to make payments anymore, I feel you should transfer the property-title to the lender by way of deed in lieu. Though it would have a negative impact on your credit, yet it seems to be an appropriate solution to your problem.

Regards,

Jessica

gmakerley · Posted: Thu Jul 23, 2009 7:32 am Post subject:

i suggest you contact your state attorney general's office to get some assistance. if what you stated is correct, there appears to have been a fraud perpetrated.

Guest

thank you.

Guest

yes we did signed some papers with the real estate lawyer .

Guest

I don't think the previous owner have taken any steps to remove his name in the mortgage. we don't even know where he is now.

gmakerley · Posted: Thu Jul 23, 2009 8:18 am Post subject:

having just re-read this initial post, i realized that the question of changing the mortgage to reflect your name, crazely, isn't a viable question. the lender cannot change the name of the mortgagee. after all, you only assumed the mortgage from that previous borrower, you didn't replace him. it is not your mortgage, it is his. that's how an assumption will work.

Guest

so you mean we can get out of this house anytime? the property title is in our name but the mortgage isn't. I don't care if it will affect our credit as we don't have plans to buy any property, we can't sell it anyway because the mortgage is not ours RIGHT? It is just this house pushing us into the ground, before we assumed this house we don't have credit card debts and now is up to the max. we want to move on.

gmakerley · Posted: Thu Jul 23, 2009 10:07 am Post subject:

no that's not what i meant. you cannot erase a name on a mortgage note. once signed, that's it. you cannot substitute a note - all you did was assume the existing mortgage, which means you promised to pay based on the deal that was arranged with the prior owner.

from the standpoint of abandoning a home, you can leave any time you choose. you'll be foreclosed on if you do, because you own the home. you'll also force the lender to foreclose on the previous owner, unless they released him from liability (a rarity).

if i'm you i don't do anything without legal advice, though.

gmakerley · Posted: Thu Jul 23, 2009 10:07 am Post subject:

and legal advice is not forthcoming on this forum.

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