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ollisana · Joined: 22 Feb 2010 Posts: 1 1.00 Dollars($)

my relative wants to do a simple assumption on property he owns. how will this affect me if i pay off the mortgage and will the property be mine.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

HI,

He will be considered as co-owner of property after he get share in your property. And he has all rights on property like you.

Thanks & Regards.
gunz.ijjistaff Laughing

gmakerley · Posted: Mon Feb 22, 2010 9:54 am Post subject:

gunz i think you got this one confused. the relative already owns the property - presumably ollisana would be the one doing the assuming of the mortgage.

now, if we assume that she'll receive a quit claim transferring ownership and that the lender will allow for the assumption, then she'd have full rights to the property and the relative would be a goner.

assumptions have to be extremely difficult to obtain in this market, though. i'd say that they're probably almost non-existent.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Oh!

Thanks sir, to notice me.

I was little confused.

Rolling Eyes

gmakerley · Posted: Mon Feb 22, 2010 10:13 am Post subject:

no harm, gunz; none is perfect but the Father.

greg · Posted: Mon Feb 22, 2010 2:49 pm Post subject: simple assumption

ollisana, simple assumptions have gone the way of 386 computers. Even if you found one it wouldn't work very well. FHA allows there loans to be assumed but the new borrower has to qualify and occupy the property. It's about the only loan program that allows it.

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how do i do a simple assumption