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Mortgage assumption

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safetygirl44 Joined: 18 Jul 2011 Posts: 1 1.33 Dollars($)	Posted: Mon Jul 18, 2011 9:14 pm    Post subject: Mortgage assumption Like 0 Dislike 0 My father recently died. I just contacted his mortgage lender with this information as was told in writing that his mortgage could be assumed on a non-qualifying basis if transfer of ownership is to a family member. If the property is sold or willed to a non-family member, then the loan must be paid in full, What does this mean exactly?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jul 18, 2011 10:03 pm    Post subject: Like 0 Dislike 0 Hi safetygirl! Welcome to forums! If a family member transfers the property in his/her name and assumes the mortgage, then the lender will have nothing to say. The family member can keep on making the payments and save the property. However, if it is transferred to a non-family member or sold off, then the lender will want the mortgage to be paid in full. Feel free to ask if you've further queries. Sussane
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Tue Jul 19, 2011 1:28 am    Post subject: hi safetygirl44 ! Like 0 Dislike 0 I have to agree with Sussane, your lender demands a full payment for the loan if the property is being sold or be given to a non member of the family. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jul 19, 2011 7:26 am    Post subject: Like 0 Dislike 0 That was too easily answered. Safetygirl if you have any additional questions, you may want to discuss it again with the lender; you can also, of course, speak with an attorney if you like and get a legal opinion (though I believe that's not necessary at all). _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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