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Tbaert47 · Joined: 25 Oct 2009 Posts: 1 1.43 Dollars($)

Looking for Simple Assumption home

gmakerley · Posted: Sun Oct 25, 2009 8:10 pm Post subject:

this is not the place to look

Guest

Hi,
Could you send me some information on were to look please???

gmakerley · Posted: Mon Oct 26, 2009 6:11 pm Post subject:

tina, can you please be more specific about what it is you're looking for? i was a bit flippant in my response up there, because it didn't seem like much of a serious question. it's hard to tell what it is you're looking for. if you have a specific property in mind and you know the circumstances of the current mortgage loan, that's one thing; if you're simply looking for a "how-to" on assuming a mortgage, i don't know if i can provide that to you. i haven't seen one done in a few lifetimes (not mine).

Guest

Thanks so much for responding, I spoke to the Mortgage company today to get things straight, they stated do not sign the sellers line just the buyers and not to worry about that. They stated it is a "simple assumption" so I will not have to qualify and that is it. Now they want to sign a simple asssumption agreement and a change of ownership and escrow assignment paper, get homeowners in my name and thats it. The only thing to worry about which I have read is when a property changes ownership they can call the loan in???? Thanks so much

gmakerley · Posted: Mon Jan 25, 2010 2:26 pm Post subject:

no worries about them calling in the loan. the assumption allows you to take over the existing loan, without the need for them to call it in. had you simply taken ownership and not arranged to assume the existing loan, or not worked out your own loan to pay it off as an alternative, then they'd call this loan due. but since they're allowing you to assume the loan, you need not worry about anything save making payments.

Guest

we assumed mortgage of mother(husbands) and she gift deeded home to me&husband.Her name is still on deed and we have since paid off mortgage.can her name be taken off deed? please say yes

gmakerley · Posted: Fri Jul 16, 2010 10:26 am Post subject:

Your post is contradictory, Mary. If she "gift-deeded" the home, that should have taken care of the ownership issue. To have her name "taken off deed" would then seem to be a non-issue. You can check with your Town or County Clerk or an attorney to get further clarification on the status of the title to your home. I'd have to think you already own it fully.

Guest

My landlord wants to sell me the house I rent from him. I can't come up with the down payment or closing cost for a land contract. He doesn't owe anything on the house. Could he get a loan on the property, then allow me to assume that loan, then hold him harmless against any default on the loan. I have rented from him for over seven years and never miss a rent payment. ALSO what happens to my deposit? does he get to keep it? Thank You.

jerry · Posted: Mon Sep 06, 2010 2:55 am Post subject:

Hi BBW,

If the property is free and clear, then you can ask your lender to owner finance the property. In this case, the owner will be the lender. You can sign the loan agreements with him and then after 3-5 years, when you can arrange for the down payments, you can refinance the loan in your name with another lender.

Thanks,

Jerry

Guest

Thanks For The Info, Jerry, that will be the best way because my expenses are equal to my income, but i will have my car and loans pay off three to five years from now. THANK YOU !

jerry · Posted: Wed Sep 08, 2010 3:26 am Post subject:

You're most welcome!!! Smile

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Simple Assumption Homes take over payments that all