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 ddr_smth
Joined: 08 Aug 2008
Posts: 1
1.41 Dollars($)
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 Posted: Fri Aug 08, 2008 7:00 pm Post subject: what other options are there for a non assumable mortgage |
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| what other options are there for a non assumable mortgage? My mother deeded her house to me. She owes 44k still on a non assumable mortgage. |
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laphillips
Community Experts
Joined: 10 May 2008
Posts: 134
Location: Yucaipa, CA
33.92 Dollars($)
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| Posted: Sat Aug 09, 2008 12:00 pm Post subject: what other options are there for a non assumable mortgage |
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What was the purpose in transferring title to you? Is she in poor health or having trouble meeting the payments? What kind of options are you hoping for?
_________________
Lynnette Phillips
Loan Officer/Realtor,
Foreclosure Consultant
Home Pride Mortgage
My Blog: http://activerain.com/helpingufindaway
My website: http://lynnettephillips.com
**This is not intended as legal advice. I am not an attorney.** |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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| Posted: Mon Aug 11, 2008 4:29 am Post subject: |
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Hi Smth.
Welcome to the forum.
If the mortgage is a non-assumable then you should refinance the mortgage on your name so that your mother is free from the mortgage liabilities. So talk to your lender and see whether you can get approve to refinance the loan. If your lender don't approve then you can shop for other lenders too 
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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roger 55
Guest
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| Posted: Wed Dec 09, 2009 6:01 pm Post subject: non assumable morgage |
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my dad passed away, he left a non assumable morgage of 54000.00 on
a 90000.00 house, the bank sold the morgage to another lender how can i keep dads house in the family, with out refinancing the whole house amount. |
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Thu Dec 10, 2009 1:57 am Post subject: |
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Hi roger!
Welcome to forums!
As there is a mortgage on the property, you'll have to pay the dues so that the lender does not foreclose the property. It's better to refinance the loan in your name as you would become solely responsible for the loan. In case of any loan default, you would be able to deal with the lender directly. If your father's name remains on the loan, then the lender will not be ready to deal with you.
Feel free to ask if you've further queries.
Sussane |
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roger 55
Guest
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| Posted: Fri Dec 11, 2009 12:23 am Post subject: non assumable morgages |
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| sussane, thanks for your reply. my dad passed away without a will, and the estate is in probate. the attorney says we must borrow the market value of the house, and can`t just pay off the remaining note. is that true?my brother and me cant find a loan, are they able to just take the house after probate, if we keep up the morgage payments. |
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Niicss
Joined: 03 Oct 2005
Posts: 3211
Location: New Jersey
506.48 Dollars($)
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| Posted: Fri Dec 11, 2009 4:10 am Post subject: |
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| I guess you will not be able to pay off the remaining note because your father's name is still on the mortgage docs. I would suggest you to contact your lender and check out his opinion in this regard. |
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ROGER 55
Guest
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| Posted: Tue Dec 22, 2009 7:08 pm Post subject: NON ASSUMABLE MORGAGE |
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| I PICKED UP SOME BOOKS FROM THE LIBRARY, FROM WHAT I READ THE PROBATE JUDGE MUST AWARD THE HOME, AND PROPERTY TO MY BROTHER, AND ME. I THINK THE MORGAGE CO. WILL BE WILLING TO WORK SOMETHING OUT THEN. DOES ANYONE SEE A SNAG IN MY THINKING? I`VE. STOPPED TALKING TO MY ATTORNEY, BECAUSE HE WANTS ABOUT 300.00 EVERY TIME WE TALK [GOOD GREIF] ANY RESPONCE APPRECIATED. |
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Wed Dec 23, 2009 12:05 am Post subject: |
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Hi ROGER!
Welcome back to forums!
Once the property is awarded to you after the probate, you and your brother will have to refinance the mortgage. Then both of you will become liable for the mortgage. You will have to keep paying off the monthly dues on time so that the lender does not foreclose it.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Wed Dec 23, 2009 11:14 am Post subject: |
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roger, i think you made a good decision in dropping the lawyer. as for the probate situation, have you had any conversations with that office? that would be beneficial to you, i'd think; in clarifying your concerns and assumptions.
here's hoping that you'll be awarded the home and that you'll be able to move forward. as sussane noted, continuing to make payments on the existing mortgage will be wise so as to keep the mortgage lender off your backs.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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