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kamilraczkowski · Joined: 09 Nov 2009 Posts: 2 1.42 Dollars($)

How to add another person to existing home mortgage loan? Do I need to fill out all those aplications for assumpton process? All I want to do is add my son's name to monthly statements I receive. He pays the loan, I just helped him acquire it because my credit score was nearly perfect.
Thank you.

sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

An assumption may work, but typically it means you are removing yourself and someone else is taking responsibility. Refinancing is the only other way to add him to the mortgage.

kamilraczkowski · Joined: 09 Nov 2009 Posts: 2 1.42 Dollars($)

But I don't want to remove myself, so there is no way I can simply add him to the statement?

sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

Since an assumption may remove you then you have to refinance. He has to credit qualify. Check with your bank on the assumption matter.

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Assumption aplication