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Iduna Guest	Posted: Sat Sep 24, 2011 2:58 pm    Post subject: Question Like 0 Dislike 0 I've lived in a home for several years...I pay the owners loan directly to the bank. She wants me to buy the home, which is fine. However she has what she thinks is a conventional loan. I'd like to assume it but I don't think it's possible... She doesn't want the home, she wants out of it so she can move on and buy a smaller home. Would a quitclaim be a good choice?
mrsold Joined: 24 Sep 2011 Posts: 4 Location: San Jose, CA 1.53 Dollars($)	Posted: Sat Sep 24, 2011 8:01 pm    Post subject: You should get your own loan Like 0 Dislike 0 Most of lenders won't allow you to assume a loan right now. Quit Claim Deed is good for you, because you will have the property, but she still has liability.
Iduna Guest	Posted: Sun Sep 25, 2011 6:01 am    Post subject: liability Like 0 Dislike 0 Thank you for answering.. It would be great for me. I don't think she would go for it, I'm sure she wouldn't want the liability...I'd like to keep my payments the way they are right now, her mortgage is a 30 year and from my bank they will only go 15 years for a doublewide...I'll need to look into another lender.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Sun Sep 25, 2011 8:14 pm    Post subject: Like 0 Dislike 0 Hi Iduna, You can check out whether or not there is equity in the property. If there is equity in the property, then you can refinance the mortgage in your name and release the owner from the liability of the mortgage payments. Thanks

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