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SIMPLE ASSUMPTION OF A LOAN

Simple assumption is a process by which a buyer assumes or takes over the seller's mortgage obligation. But this doesn't mean that the seller is release from the liability. That's the reason, simple assumption is also known as transfer with no release of liability.

When you assume a loan and default, the original seller is secondarily responsible for paying off the unpaid balance. And the lender cannot seek a deficiency judgment against the original borrower if he fails to recover the unpaid debt by selling the home.

If you assume your parents' loan, they are not completely released from the liability and hence the loan payments will be reflected in their credit reports and not yours. However, if you default, then your parents' credit report will reflect an outstanding mortgage and it will be difficult for them to seek any other loan.

yes, can u tell me more about simple assumptions and what does it mean transfer with no release of liability? my parents made a mortgage for me to buy a home 4 years ago. i paid the notes. they have passed away and the property and double wide home was willed to me. we done a assumption of the loan with our morgage comp. and lawyer 4 months ago. my main concern right now someone told me that this will not go on my credit. the loan co. says it is only in my name that my parents names have been removed. can you tell me anything about this.I am tring to rebuild my credit and i feel having a mortgage and keeping the payments up will help improve it. is there something i can do? any information would be helful. thank you

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

My husband and I are looking into doing a assumption loan. I am not sure how much I really understand it. the people are splitting up so after the home is paid for how is the deed put in our name if they are no longer together or anywhere around?

Like | Dislike | Share | Posted: Sun, 10/18/2009 - 18:39 | Post subject:

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

My Mom passed and I am on title, the mortgage company has offered me a assumption loan, will I get credit for my payments from the time I take over and will I assume the loan history from the past??

Like | Dislike | Share | Posted: Sun, 01/24/2010 - 19:11 | Post subject:

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

What if he doesn't mind keeping hte loan in his name? What options do I have if I take that direction... Does a [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim Deed[/url] do any good? I just want to avoid any problems later if something happens between "our agreement"...

Thanks!

Like | Dislike | Share | Posted: Fri, 07/09/2010 - 13:13 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kevin,

Your father-in-law can use a quit claim deed in order to transfer the property in your name. However, once the ownership of the property changes, the lender will want you to refinance the loan in your name.

Thanks

Like | Dislike | Share | Posted: Fri, 07/09/2010 - 23:56

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

Thanks for your help jameshogg! Does the loan assumption require both our signatures?
Do I need to sign a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] too? I put equal money down on the house when we we bought it. I want at least half back,(before signing anything) but she said the house value has dropped and she'll give me a 1/4 of what I put down. I said no, you have to do better. Will I need a lawyer to draw up a papers when transferring money? Thanks again.

Like | Dislike | Share | Posted: Fri, 03/16/2012 - 05:38

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If she assumes the mortgage, then there is no need to refinance the loan. The mortgage will be transferred in her name and she will be liable for the mortgage payments solely as per the rate and term. If she agrees to the loan assumption, then you don't need to contact an attorney.

Thanks

Like | Dislike | Share | Posted: Fri, 03/16/2012 - 01:12

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Why does she want you to refinance the house? It seems her name is listed on the mortgage as co-borrower and she wants to take her name off the loan, right? In that case, an assumption will not help. If she assumes the loan, she will become the only person responsible for the loan, which I believe she does not want. If she plans to file a form for assumption on your behalf, it will not be possible as your signature would be required on the mortgage documents.

Like | Dislike | Share | Posted: Mon, 11/02/2009 - 04:11

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

you'll certainly get credit from now on; i'd have a hard time understanding why they'd give you credit for the past history, to which you didn't contribute. that would be an unreasonable expectation.

Like | Dislike | Share | Posted: Sun, 01/24/2010 - 19:37

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Guest,

If your husband refinances the loan in his name, then the mortgage will not be tied to your name any further. Your husband will be liable for the mortgage solely.

Like | Dislike | Share | Posted: Sat, 10/20/2012 - 00:16

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

Thanks so much for your prompt answer :)
Is there anything in particular that I should be wary of from the lender? They have sent me paperwork for the assumption that requires my deceased mothers signature,because of her being the seller. I called them and the rep said to sign it then next to her signature just sign "signed by me"
this sounds funny to me?

Like | Dislike | Share | Posted: Sun, 01/24/2010 - 20:38

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

My wife left the house 5 weeks ago seeking a life independent from me and our three kids. She called me yesterday and threatened to file a form for assumption of the mortgage by herself if I don't agree to refinance the house through the Obama plan.Can anyone tell me how she can do this "assumption" without me and what it means for me as primary signer on our mortgage?

Like | Dislike | Share | Posted: Fri, 10/30/2009 - 12:30 | Post subject:

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

i purchased a home with my then bf both of our names was on the mortgage and the deed. a few years back i refinanced and put the mortgage in my name only however that did not remove him from the deed. how do i go about either letting him assume the mortgage (getting everything out of my name mortgage and deed? the other option is for him to rent from me he is willing to do that as well. advantage / disadvantage of assumption, [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url], etc? ? ?

Like | Dislike | Share | Posted: Wed, 07/13/2011 - 11:36

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

My husband and I are legally separated in NC and he took out a modified loan with BoA a year ago with the understanding if he stays current with his payments he can apply for a simple assumption loan. He was found to be in good standing and is qualify for a simple assumption loan. His goal of accepting this loan is to have only his name on the mortgage. Is it true that my name would no longer be tied to the mortgage or will I still be liable for the mortgage once the simple assumption loan is approved?

Like | Dislike | Share | Posted: Fri, 10/19/2012 - 17:49 | Post subject:

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

Hi lauragaile,

Could you explain your situation a little elaborately? Are you planning to split up? Is the current mortgage both in your husband's and your name? Who is going to assume the loan? Who holds the property title at present? You, your husband or both of you?

Like | Dislike | Share | Posted: Tue, 10/20/2009 - 23:12

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

For over a year and a half since my grandfather died and left me as sole beneficiary, I have been filling out forms for B of A's simple assumption process. Every time I fill out a form and send it in, they promise me saying "we're so sorry, this is the last form you will need to fill out"....then, month later, a new form would arrive in the mail. Finally, I received a letter saying "declined". It turned out they declined it due to a late payment within the last year, for which I called B of A and they corrected it, saying it was a "posting error" on their behalf. I called the Simple Assumptions Dept back up to report this and they are now saying that I have to go through Qualified Assumptions since my simple assumption application was declined, regardless of their own error. I am really thinking of suing this company. Would I have a case or good chance of succeeding ? Is there anything else I could do ? I seriously doubt I would "qualify" if I went through that process.

Like | Dislike | Share | Posted: Wed, 03/02/2011 - 09:01 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If your daughter wants to remove her name from the mortgage, then she will have to ask her husband to either refinance or assume the mortgage. Signing a quit claim deed will only help her in removing her name from the property.

Like | Dislike | Share | Posted: Thu, 05/13/2010 - 00:27

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

I have a client who owns an investment property. Her name is the only one on the mortgage but her mom and dad are also on the deed. Client is drowning in medical bills, mom and dad have been paying the mortgage for quite some time, she is at 11% interest! Mom and Dad would like to refinance in their name only but keep daughter on the deed. Why are the banks telling me they can not do this??? Help please :)

Like | Dislike | Share | Posted: Wed, 01/06/2010 - 04:41 | Post subject:

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

We live on Long Island, NY. Mom took out a mortgage on her house to consolidate debt and to help my wife & I conduct home improvements on our house. We want to make sure that if Mom passes away that we assume our share of the mortgage payment so the home does not need to be sold to pay off the debt. How best should we go about that. Chase Mortgage holds the loan.

Like | Dislike | Share | Posted: Tue, 12/06/2011 - 18:28 | Post subject:

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

My finance and I purchased a home at the end of May. We have an FHA insured loan that is assumable.In september he was killed in a car accident. I obviously can not afford the home on my income raising a child. I have a friend who is wanting to assume our mortgage. Can this happen immediately or do I need to hold onto the hold for a year.

Like | Dislike | Share | Posted: Wed, 01/06/2010 - 07:02 | Post subject:

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

Hi Dina,

I'm not sure what why they need your deceased mother's signature. I don't think you should sign in the place where it requires your mother's signature. It sounds somewhat odd that the representative told you to sign it and then write "signed by me" next to the signature. You need to talk to someone who actually knows what to do in this situation. What the representative suggested does not sound logical.

Like | Dislike | Share | Posted: Mon, 01/25/2010 - 02:01

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

the foolishness of the person who advised you to sign your deceased mother's signature and to add "signed by me" is unparallelled. by all means, do not do it. jenkin7's comment that you need to "talk to someone who actually knows what to do" is right on. by all means, you need to escalate your conversations with these people to someone with a modicum of sense.

Like | Dislike | Share | Posted: Mon, 01/25/2010 - 07:09

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

Can someone tell me how long the assumption process should take? I have a loan with Bank of America, and I sent in the requisite paperwork (and payment!) in October -- it's now four months later and they are still giving me the run around saying their paperwork is "backlogged." In fact, they told me my paperwork I previsouly sent in is now EXPIRED and I have to submit it again. This seems totally bogus, please help!!

Like | Dislike | Share | Posted: Thu, 01/07/2010 - 19:47 | Post subject:

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

My ex-fiance and I purchased a townhouse in Minnesota and we are in the process of dividing up our things. We know that our loan is assumable, but I want to know if we do a Simple Assumption if my name will be removed from the title, loan and my credit report. I want to make sure that I'm free and clear from ALL liability to the house.

Like | Dislike | Share | Posted: Tue, 10/13/2009 - 10:59 | Post subject:

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

holly, i believe they want the daughter on the loan as well - if she's an owner, they want her to be a borrower.

heather, under the circumstances, even if you had a 12 month "clause" in your mortgage, i think you have extenuating circumstances. you need to discuss the whole situation with your lender, of course. they make the decision about assumptions.

grace and peace to uou.

Like | Dislike | Share | Posted: Wed, 01/06/2010 - 10:32

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

My husband passed away in may. He had over 100.000 in hospital bills. I am trying to get everything in my name to try to protect myself and the invstment I have made to date Is the assumption process better for me? I can afford to make the payments, but might not pass a refinance process. I have some signifant money to put into the equity, but do not wish to do this until I know the property is safe. I'm just not sue what the best course of action would be.

Like | Dislike | Share | Posted: Thu, 07/14/2011 - 13:06 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome slotalkinwoman,

It will be completely the discretion of the BOA whether or not they will accept your grand-daughter's request for a loan assumption. You and your grand-daughter will have to contact the lender in this regard. If the assumption is done, then the mortgage will be under the name of your grand-daughter. However, if you do not quitclaim the property, then the property will remain in your name.

Like | Dislike | Share | Posted: Fri, 07/29/2011 - 22:30

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

I need to sell this vehichle to my son. He works but does not like responsibility. It is an expensive truck that he cannot afford. He pays the note of 225, but he is always short on tag, insurance, etc. It is a stress for me to continue to keep things up an remind him of his truck obligation. Should I allow him to assume and work and pay for the truck or if I sell it(hopefully) and he will have nothing to ride/go to work? He is back in the house with us. Thank you. Suggestions?

Like | Dislike | Share | Posted: Thu, 11/25/2010 - 19:31 | Post subject:

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

Hi Holly,

I understand how frustrating the situation has been for you. But this is what the banks are doing. They are taking months to review your situation and take a decision. Be it a loan modification or a simple assumption, borrowers are being made to wait for months before their request is either accepted or denied. In fact, with the huge number of foreclosures, short sales and modifications taking place, the banks are having a hard time to review all the paperwork. There is no specific time within which the assumption should take place. It depends on your bank and you have to wait till the time they give their decision.

Like | Dislike | Share | Posted: Thu, 01/07/2010 - 23:16

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

Hi,

Our parents own a condo with an outstanding mortgage. They have hard time coming up with payments and we want to help them by paying off their mortgage in full(it is not assumable). We also want with their agreement to remove their names from the property title and transfer it to our names.
Is this possible? Will we be full owners of the property if we do that? What happens if only our names are on the title but they mention somebody else's name in their will to inherit a part of this property?

Thanks.
EB.

Like | Dislike | Share | Posted: Mon, 03/22/2010 - 23:09 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi CoreyF,

Well, if you can afford to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] their mortgage, if any, then you can try to purchase the property. I don't think the option of assumption will be applicable in this case.

Thanks

Like | Dislike | Share | Posted: Tue, 06/18/2013 - 22:30

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

My 3 sisters and I are all on the title of a house together. There is a contract in place that a force of sale can not be made for 10 more years. One sister would like to take out a loan on her portion of the property. She wants us to sign papers allowing the bank to have their name on the title. What are the liabilities to us if she is to default on the loan?

Like | Dislike | Share | Posted: Sun, 01/10/2010 - 19:28 | Post subject:

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

Our former friend/landlord stopped paying the bills and has since abandoned the house and us.
We are still in the house as we have no where else to go and she has stated that she does not want the house. Do we have any options?

Like | Dislike | Share | Posted: Tue, 06/18/2013 - 11:12 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sieish,

You can always sue the mortgage lender if you find something wrong within the whole process. You can go for the qualified assumption process and check out if you can assume the loan.

Like | Dislike | Share | Posted: Thu, 03/03/2011 - 00:13

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

autumn i have to disagree with your theory about the banks wanting more unemployed people. that does no good for anyone (corporate or individual) when unemployment lines are long. and, of course, waiting is always frustrating, particularly when you don't know what's happening due to a lack of contact. but, excessive worrying is a waste of time too, so you're right about the need for patience.

lilly, when a person is the owner of real estate, whether alone or with others, there's no such thing as borrowing and creating a lien on that person's portion of the home. the entire piece of real estate is subject to the mortgage, and everyone who is on title who may sign on that loan is subject to all the terms of the loan. if you two sisters who aren't borrowing are only being requested to sign the mortgage, and not the loan, then you'd be obligated on the covenants in the mortgage but not on the loan. that, however, does not help if she were to default, as the lender would seek the remedy of foreclosure, which would get you intimately involved.

Like | Dislike | Share | Posted: Sun, 01/10/2010 - 20:20

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

Hi Kevin!

Welcome to forums!

If you want to save the home and take over the mortgage, you will have to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the home loan. I would suggest you to take steps in order to improve your credit score. Once your credit score gets improved, you will be able to refinance/assume the loan.

To know some steps in order to improve your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 07/09/2010 - 00:28

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

will this work for someone that has passed away?

Like | Dislike | Share | Posted: Tue, 12/28/2010 - 13:31 | Post subject:

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

My father passed away suddenly and I want the home I grew up in does anyone have advise on what I do I know I need a letter for the sumptions department and help on how to write it HELP PLEASE

Like | Dislike | Share | Posted: Tue, 03/08/2011 - 07:19 | Post subject:

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

With BOA, is it possible to do a Simple Assumption by allowing my grand-daughter and her husband to assume the payments on my house. Would the
title to the property then be listed in their name, as well as BOA, rather than my name? I know that I would still be responsible for the unpaid balance in the event they default. Guess what I am asking is, if a title search was done, would it still show up in my name.

That, plus, does BOA allow Simple Assumptions of this nature?

Like | Dislike | Share | Posted: Fri, 07/29/2011 - 14:44 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anonymous,

It will be the lender's discretion whether or not he will allow you to assume the loan after the original borrower is deceased.

Thanks

Like | Dislike | Share | Posted: Tue, 12/28/2010 - 21:05

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

I don't think loan assumption will require both your signatures. If she is assuming the mortgage, then her signatures will be required on the mortgage docs. if you don't want to keep the property, then you will have to sign the quitclaim deed and transfer the property to her. You can contact a lawyer who will draft the deed for you in order to transfer the property to her.

Like | Dislike | Share | Posted: Sun, 03/18/2012 - 23:55

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi G,

It is not necessary but it won't be a bad option to review the assumption papers by a lawyer. The lawyer will help your co-owner to understand the assumption process in details and the person will also get to know his or her liability towards the property.

Like | Dislike | Share | Posted: Wed, 06/23/2010 - 23:27

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

the shame of it is that those banks that are severely up against the wall in terms of decision-making are also not in a financial position to add on the staffing that they obviously so sorely need to assist them with the influx of requests.
they'd be able to reduce unemployment lines drastically if they sought out enough folk to help them through this mess.

Like | Dislike | Share | Posted: Fri, 01/08/2010 - 08:13

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

My question: my significant other died of cancer...I am not on the mortgage. Before his death he quit claimed the house to me. Does Illinois acknowledge an easy assumption? What concerns me is that we had to file chapter 7 in order to keep some of our assetts as his illness drained us of every single cent we had. I am gainfully employed and have been making the morgage payments for the last 5 years. I just fear they would deny the assumption and try to take the house from me. Thank you!

Like | Dislike | Share | Posted: Thu, 12/13/2012 - 05:03 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To EB,

You will have to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the existing mortgage in order to have the property title in your name. The lender will not allow your parents to transfer the property to you till the time the mortgage is paid off. Since the loan is not assumable, you will have to refinance and pay off the mortgage in full. Once you get the title in your name, your parents will no longer be the legal owners of the property. Hence, they will not be able to will the property to someone else.

Like | Dislike | Share | Posted: Tue, 03/23/2010 - 02:15

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Queen,

You can sign a quitclaim deed and transfer the property to your boyfriend and then ask him to refinance the mortgage. Unless he refinances the mortgage in his name, you will remain liable for the mortgage payments.

Hi donna,

You can contact your lender and apply for a loan assumption. It will be your lender's discretion whether or not he will agree to let you assume the loan.

Take care

Like | Dislike | Share | Posted: Fri, 07/15/2011 - 02:14

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

i currently co-own a house with a friend...I wish to get my own place. the other owner wants to stay with the house.. Chase sent Assumption papers for the staying person to buy out my part of the loan. My realtor suggest that i get a lawyer to review the Assumption papers.
Is this necessary?

Like | Dislike | Share | Posted: Wed, 06/23/2010 - 09:29 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shawn,

I feel for your mother's health. Hope she recovers soon. I understood your problem and worry.

Your mother can quit claim the house in your name but you know that a quit claim deed only transfers the interests in the property and doesn't guarantee whether there is already in the lien in the property or not.

I shall advise you to better consult an attorney and be on a safer side with whatever you do. Wish you good luck.

Thanks,
Caron

Like | Dislike | Share | Posted: Thu, 04/27/2006 - 15:39

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

My fathernlaw can't afford his home anymore. My wife & I have been making payments the last 5 months & he wants us to take over the home since he has paid 15 years in an exchange for $30k. Problem is we don't qualify for a loan of ours & the bank did say we can do an assumption of a loan once it is all caught up but I don't think we have great credit if they decide to check. What else can we do to save the home & take over legally?

Like | Dislike | Share | Posted: Thu, 07/08/2010 - 14:27 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shawn,

You may go for a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] and transfer your mother's interest in the house to your name. Get a good attorney to help you in this matter.

As real estate transfers are critical, so a professional's help is always required. Discuss with him in detail to check if that can save your home.

Regards,
Blue

Like | Dislike | Share | Posted: Thu, 04/27/2006 - 15:19

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

I am trying to put my mothers house in my name. She has a medical problem and has to move to her sister's house to be looked after. I am concerned about medicare/medicade placing a lien on the home after I have assumed the mortgage. Is this a valid concern, if so, how can I obtain the property with out the government taking it from me?

Like | Dislike | Share | Posted: Thu, 04/27/2006 - 15:02 | Post subject:

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