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Before my husband passed away 2 yrs ago we purchased a house. My name is on the title and the deed but not on the actual loan. I have inquired to the morgage company about being added to the loan to help rebuild my credit. I have made the payments in the last 2 yrs but nothing will be reported that I was the one making the payments. Is a simple assumption agreement the way I need to go and what is this actually. Also, if I was to go sell the house will or could there be problems doing so? I've never had to deal with anything like this before and not sure what to do.

Guest

Sorry to hear about your husband's sad demise. But in whose name the mortgage currently is? Previously the loan was in your husband's name, did the mortgage company allow you to continue making the payments? they didn't ask for the loan to be paid off?

The house is in your name so you can sell it but will have to pay off the balance mortgage dues from the proceeds of the sale.

Posted: Thu Mar 08, 2007 4:40 pm Post subject:

The mortgage loan is in his name only and no so far they havent asked me to do anything because I've just paid the payment every month. They did send me a simple assumption agreement is this something I should do or should I concetrate more on selling. I have an ARM and the upcoming increase is just a little more then comfy for me alone. I could do it but it would be extremely tight. I wanted to know about the SAA because it said that the payment history on the loan will be reported to the credit bureaus. I was hoping with the excelent payment history for the last 2 yrs it would allow me to refinance.

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

In simple assumption the original borrower remains liable for the mortgage while the person assuming the mortgage continues to make the payments with the terms for the loan remaining same. Instead of assuming the current mortgage which is going to have a increased interest rate ask the mortgage company if you would be allowed to get it refinanced in your name. You have been making the payments on time so they might consider allowing it.

Selling is an option you have to decide on if you are not willing to stay in this house anymore and want to shift. In case you decide on selling you will have to pay off the remaining mortgage balance.

David

Guest

I sold my home in 1988 and the buyer has passed away. He has children and I have not contacted them.The loan is in default and the company has notified me that I have 30 days to make it right or it will go into foreclosure. If I bring the loan up to date will it be back in my name or what.

adonis · Posted: Fri Aug 20, 2010 12:50 am Post subject:

Welcome Dick,

I guess the buyer did not refinance the loan in his name. Thus, the lender is notifying you about the foreclosure of the property. If you pay off the dues, you won't be able to get the property back in your name. You will have to ask the children of the deceased owner to transfer the property back to you.

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Do I assume the mortgage or sell off the home?