quick deed assuming of mortgage

Guest 0.10 Dollars($)

My Girlfriend of 7 yrs & i purchased a home, do to a low credit score she & my mom were on the mortgage we refinanced with only my girlfriends name on the mortgage we never married & she ended up in bankruptcy on the home i have a quick claim deed on the home from the start she passed away from cancer with no disputes on the home though im not on the mortgage im on the deed what are some of the recourses i can take to work with the mortgage co & court since its my only home now. if i request with the mortgage company to try an assume the mortgage will i have to go through the whole credit process with the mortgage company or is there a possibility that since im on the deed that they might let me assume the mortgage without applying for credit.

Thank you
"gjk1460@att.net"

[Email address deactivated as per forum rules. Thanks.]

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi,

Welcome to the forum.

First of all inform the lender about your girl friend's death. Then take the mortgage on your name. You may have to refinance the mortgage on your name. But you can request him for navation.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

What is navation?someone pls explain

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi maggie,

Welcome to the forum.

Novation is a process that helps you transfer the mortgage liabilities from the original borrower to someone else. It needs the lender's approval.

Best of luck,
Larry

jheard · Posted: Mon Apr 07, 2008 7:33 am Post subject:

The BK court has control over the property, which will be used to pay off the BK creditors. You must first get permission from the BK court before you proceed with anything on the property.

Since the borrower died, the loan probably accelerates. This means the whole amount is due now. To pay it off, you should get another loan in your name (refinance).

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