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I have an FHA loan that is now with BofA. I purchased the home in 2008 with then my fiance. Didn't make it any further, and now we are stuck owning a house together. The house value has dropped making it nearly impossible or potentially a long time to sell. My brother has recently moved to the area, and is willing to take on her part, which she hasn't paid for over a year, so I am wondering if because it is an FHA loan, will BofA do an assumption????

smithsussane · Posted: Thu Aug 25, 2011 8:25 pm Post subject:

Hi moneymatter!

Welcome to forums!

It will be completely the lender's discretion whether or not he will consider the assumption. Moreover, as the mortgage payments are delinquent, chances are less that the lender will consider your request.

Feel free to ask if you've further queries.

Sussane

Posted: Thu Aug 25, 2011 11:55 pm Post subject: hi moneymatter1!

There are many lenders out there that offers different loan programs and deals. And for your case, it is expected that lenders will see you as a big risk because of your bad credit history. Ask for an assistance from a mortgage broker that can help you evaluate your situation and come up with good solution for your problem.

Posted: Fri Aug 26, 2011 5:05 am Post subject:

I have never missed or been late on a payment. That is one reason why I was wondering if they will help me. Seems you have to miss a payment or two before help comes along.
So if the bank does not do the assumption, is there any other way to have her not responsible for the mortgage, and in return, not entitled to any profits if the house is ever sold for profit?

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