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My name is on title not on mortgage

My mom and I owned a house together with rights of survivorship. My mom passed away several months ago. Her name was on the mortgage not mine I have been making the payments all along on time and we used to make the payments from our joint checking account. I sent the bank what they asked for death certificate and copy of deed. Do you think they will let me assume the loan or make me refinanace I havent got an answer from them as of yet. it is an arm with a prepayment penalty if its broken before 7/08 . I have good credit but I just t started a new job so no income verification really. do you think I will have a problem?

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Amymonica,

It depends on your lender. If you qualify for the mortgage assumption then the bank might allow you to do so. But if the bank is not willing to go for the assumption, then you have no other option other than a [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. In that case, I'm afraid, you will be required to pay the prepayment penalty.

It is good that you have a good credit but your income and your job history might be verified for an assumption. If you have started a new job, the bank might verify that to get information on your income source.

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

Hi,

Did you talk to the bank about the assumption?

If the mortgage is assumable then I don't think the bank will turn you down but otherwise you have to do either a refinance or a [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] to transfer the mortgage in to your name.

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

Hi Amymonica,

Welcome to this forum.

Lenders don't always agree for novation and only if your mortgage is assumable and the lender agrees for it, you can assume the mortgage. So I think refinance is a good option for you. Your credit score is good. So it will be helpful for you.

It is not necessary that you have to refinance from your own lender only. You can shop a bit and may get a lower interest rate.

Feel free to ask if you have any further questions.

Thanks,
Larry

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evolovik26's picture
evolovik26 | Joined: August 15, 2007 11:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Unless lender agrees to let you assume the mortgage you will have to sell the property or refinance it.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

candid_kris's picture
candid_kris | Joined: December 21, 2007 12:48 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

it is okay to ask your lender about it as different lenders have differences on how they do their things...

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lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi amymonica.

Most lenders don't have an assumption clause anymore. You will want to look at the original paperwork for the mortgage and it will tell you if it is or not an assumable.

If your mortgage is not assumable, then you will have to refinance. Even if you have just started a new job, that should be ok as long as you have a 2 year work history. If not, with good credit and equity in the property, you could even go No Doc which will not verify income or employment. So it sounds like you may have some options.

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

amymonica, lisa is correct in commenting about the lack of assumption clauses these days. it doesn't sound as if you are in a good mortgage loan at this time no matter what, though.

refinancing is a more likely situation. your job situation might not get in the way, because with a good credit record, you will probably not be penalized for having taken a new job. you will, however, want to try to use your income for qualifying, as rates are nowhere near as good on the no-doc loans that lisa mentions.

by all means, wait until july if you can, due to the prepayment penalty. if you can hold out that long, the penalty will disappear (right?). by then, you will have your feet planted firmly on this new job, too, which is beneficial.

let us know what other questions you have and please advise us as to the outcome of your assumption efforts.

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

House is in forecloser now we are living in it and want to keep the house. We both have good credit. whae is the solution

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evolovik26's picture
evolovik26 | Joined: August 15, 2007 11:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

call the lender and see if you can buy it from them or when it is going to be auctioned

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enriko's picture
enriko | Joined: March 5, 2008 04:00 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,
well your credit score is good, so maybe refinancing is good idea?
and as lisa sayd "Most lenders don't have an assumption clause anymore"

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