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BoA assumption

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ball of confusion Guest	Posted: Wed Jun 22, 2011 10:08 am    Post subject: BoA assumption Like 0 Dislike 0 Dad now elderly and going into a Nursing Home, but is part owner of home with someone else. Dad needs name taken off Mortgage with Bank of America. They said all that needs to be done, is they send a Mortgage Assumption package and both owners sign it. That it costs a few Hundred dollars to do and then dad is released from any obligation whatsoever on the Mortgage of home located in arizona. Can this be entirely correct? From what I'm reading here though, it sounds like Assumption does NOT release him completely. Can anyone explain this confusing situation?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jun 22, 2011 10:11 am    Post subject: Like 0 Dislike 0 An assumption does not take an owner off the hook. It's merely a tool that allows a new buyer to take on the existing debt as one's own. Unless and until a mortgage is paid in full, any original signer remains obligated for payment. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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