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 kamilraczkowski
Joined: 09 Nov 2009
Posts: 2
1.42 Dollars($)
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 Posted: Mon Nov 09, 2009 10:02 am Post subject: Assumption aplication |
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How to add another person to existing home mortgage loan? Do I need to fill out all those aplications for assumpton process? All I want to do is add my son's name to monthly statements I receive. He pays the loan, I just helped him acquire it because my credit score was nearly perfect.
Thank you. |
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sonjakracine
Joined: 24 Oct 2007
Posts: 77
15.05 Dollars($)
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| Posted: Mon Nov 09, 2009 10:11 am Post subject: |
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| 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. |
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kamilraczkowski
Joined: 09 Nov 2009
Posts: 2
1.42 Dollars($)
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| Posted: Mon Nov 09, 2009 10:19 am Post subject: assumption aplication |
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| But I don't want to remove myself, so there is no way I can simply add him to the statement? |
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sonjakracine
Joined: 24 Oct 2007
Posts: 77
15.05 Dollars($)
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| Posted: Mon Nov 09, 2009 10:23 am Post subject: |
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| 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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