Can I take over the loan from my father as primary borrower?

bashywash · Joined: 15 Apr 2007 Posts: 2 2.30 Dollars($)

I'm so glad to have found this discussion board to help me with my questions. I've been trying to get help with finding a solution to take over my Fathers Mortgage and also to take over as the sole owner of my house. Here are the details.

My father purchased a CONDO in early 2004 and financed it through Countrywide WITH a Assumable clause. At the time of the purchase I was NOT used as a co- borrower on this loan however at the time of the purchase I was put on the deed of the property as owner along with my father on title. In March of 2006 I took over the payments from my father. After 9 months of making payment in January of 2007 via a simple assumption I was added on the Loan as a Co-borrower. Now In April I realized I can help out my father if I can figure out a way to completely take over the Mortgage as the borrower and remove him from the loan, also be the sole property owner as currently he is paying more in taxes on his own property because my house is his primary resident not his own property.

Before approaching an attorney with help I wanted some general knowledge. I'm trying to figure out if my 13 months of payments (VOP / VPM) and already a Co-Borrower can be of any help in removing my father from the mortgage through a assumption or simply taking over as the primary borrower. And also find out the how I can have my father assign the property completely in my name instead of both of us being the property owner. This way he can have his own property designated as his primary resident and not mine.

Any help would be great, thanks in advance.

sara

Hi Bashywash,

Welcome to the forums.

You can remove your father from the mortgage and take over the responsibility as the parimary borrower. But for that, the mortgage company will require you to have a good credit score and payment history. If you have been regular on all your payments and your financial situation is sound enough, the company can allow you to be the primary borrower.

As far as your second query is concerned, well you can remove your father's name from the property and have only yours in it. But your father has to sign over a quitclaim deed and transfer whatever interest he has in the property over to you. Then you need to get the deed signed by a notary and finally get it recorded at the county recorder's office.

Hope I have been able to understand your situation. If you feel like asking any more questions, please feel free to carry on.

Thanks,

Sara

Guest

bashywash,

I find you using the terms VOP/VPM. What are they actually? Are they some mode of payment which you have followed.

bashywash · Joined: 15 Apr 2007 Posts: 2 2.30 Dollars($)

Sara thank you for the quick response. As far my payments they have all been on time for the last 14 months, my credit is fairly high in the mid 700's but I do not have any Mortgage or auto credit established. My financial situation is fairly good to be able to keep up with my payments ($1800 month). I will try to inquire from Countrywide what they will look for when making me the primary borrower.

VOP is just cancelled checks to show verification of payments I've been making from my account.

sara · Posted: Sun Apr 15, 2007 10:18 pm Post subject: RE:

Thanks for sharing your situation Bashywash.

Your credit score and financial situation seems to be well enough to help you become the primary borrower. I think you should carry on and enquire at Countrywide as to whether they have any special criteria for making someone a primary borrower.

All the best.

Thanks,

Sara

miller_st · Joined: 17 Jan 2007 Posts: 917 168.92 Dollars($)

Yes I also see no reason why they won't agree to remove your father from the mortgage or make you the primary borrower. You have good income and score and if your other debts are also within manageable limits then you should get the nod.

Miller

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