What is the process for a renter to assume a loan

rdweatherspoon · Joined: 18 Dec 2007 Posts: 1 1.30 Dollars($)

My husband and I names are on the loan but we have renters who live in the house. As of now, we are on a repayment plan because past renters has been late paying and has causedissues with our credit.

gmakerley · Posted: Tue Dec 18, 2007 10:28 am Post subject:

your subject seems to indicate you want your renters to pay your loan - is that correct?

your post, however, makes no mention of that.

what gives?

michelle · Posted: Tue Dec 18, 2007 6:55 pm Post subject:

Welcome to the forum rdweatherspoon,

From the title of your post, it sounds like you want the renters to actually take over the mortgage on the home. Is that correct?

If so, they will need to either assume your current loan or purchase the home from you. To see if an assumption is possible, you will need to contact your current lender.

Please feel free to post any further details so we can help you get the answer to your exact problem.

lisascherzer · Joined: 04 Jan 2008 Posts: 746 93.70 Dollars($)

They would need to purchase the home unless by some slim chance, you have an assumable mortgage. You can check your final paperwork to see if that's the case. If not, they will purchase the home as anyone else would. There are options such as no money down which might make it easier for them.

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