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i live in a house that my wife and parents own, parents dont live in home. reason they are on mortgage is my credit is bad and could not be on it. we have had loan for three years, we have on time pymts for over one year. if bank checked it is clear the mortgage money is coming out of joint account from my wife and me. is there anyway i can replace my parents on mortgage note without refinance which my credit probably wont allow. it is an fha mortage

raymond · Posted: Mon Nov 02, 2009 1:50 pm Post subject:

>> is there anyway i can replace my parents on mortgage note without refinance

No.

Why do you think your credit is still bad? Have you been working towards re-establishing it?

jveenstra · Posted: Mon Nov 02, 2009 1:53 pm Post subject: FHA

FHA mortgages are assumable which means someone can "assume" the mortgage whe purchasing the property. You are not purchasing, however, call the lender and see if they will let you "assume" the mortgage with your wife by replacing the parents with you.
The qualification guidelines to "assume" are the same as getting the mortgage in the first place. If your credit is not good, may not be permitted.
Call the lender and ask. If they will not do it, refinancing would not be possible either.

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