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what other options are there for a non assumable mortgage

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.

laphillips's picture
laphillips | Joined: May 10, 2008 08:33 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Smth.

Welcome to the forum.

If the mortgage is a non-assumable then you should [url=http://www.mortgagefit.com/refinance.html]refinance[/url] 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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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