---

bankof america Assuption

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
ballofconfusion Guest	Posted: Wed Jun 22, 2011 10:11 am    Post subject: bankof america Assuption 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?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Jun 22, 2011 9:57 pm    Post subject: Like 0 Dislike 0 Welcome Guest, The other owner of the property should assume the mortgage in order to release your father's name from the mortgage docs. The other person will become liable for the mortgage payments. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0