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SIMPLE ASSUMPTION OF A 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($)

Hi JILL,

In Simple Assumption (no release of liability) you remain legally liable for the mortgage even after you sell the property. Think of it this way: If you have a mortgage note that you owe to a lender, simply selling your property and having the new buyer take over your mortgage payments does not eliminate the mortgage. That mortgage still exists. You still owe what you originally agreed to repay on that mortgage. There is no new mortgage. You have not been removed from the picture.

Hope my points helped in clearing your confusion.

Hale.

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

Hi Jill,

I would like to add one more point to what Hale said.

Its that the payments are still your responsibility. The fact that you sold the property and accepted a cash down payment has no effect on your mortgage obligations to the lender.

If the buyer defaults on the mortgage payments, the lender may report a delinquency or default which may show up on your credit report and the public records may reflect a foreclosure against you.

Whatever happens with the mortgage payments will definitively effect your credit.
Adrian

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

thanks for the answers but do yall understand that I assumed the mortgage from my parents thru a will, they are both deceased. I am concerned that my timely payments wont be sent to credit bureau to help build my credit. one other thing, are you saying I wont be able to ever sell my place? Not thru an assumption just out right sell it? thanks again

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jill,

Welcome to MortgageFit Forums.

Let me tell you that you cannot just sell the property without considering an assumption clause. This means that you will have to look out for a buyer who will take up the liability of paying off the mortgage within the time period that is specified on the mortgage note. That is, the mortgage will then be taken as an assumable mortgage with the buyer making the monthly payments for its repayment. The reason behind selling it without an assumption is that the mortgage note, being a legal document, you need to follow what is stated there.

God Bless You.

Thanks,
Samantha

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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?

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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

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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

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

I AM SELLING MY VACATION HOME TO MY SISTER BY MEANS OF ASSUMPTION AND IT IS APPROVED BY MY LENDER. DO I STAY ON THE HOMEOWNER AND JUST ADD MY SISTER ? DO I NEED TO DO A Q-CLAIM DEED TO MY SISTER? IF SHE DEFAULTS, CAN I PAY THE PAYMENTS AND GET HER NAME OFF THE MORTRAGE ?

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

Hi Bush,

Welcome to Mortgagefit discussion board.

It is not necessary to quit claim the home to your sister, as lender has agreed to let her assume the mortgage. What you can do is add her to the title of the home as part owner using the quit claim deed.

In case she defaults, you will be liable to continue making the payments as assumption does not remove you from the mortgage obligation.

Thanks
Blue

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bush,

Since you are selling the property to your sister, there should be transfer of title from you to your sister and for this purpose a quit claim deed can be used.

If she defaults, you can help her with the payments. But whether you can replace her on the loan is a matter of doubt. This will probably depend on the lender.

It will be better if you clarify this issue by asking the lender.

God bless you.

Samantha

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

My boyfriend and I are spliting up and I want him to buy me out of the home sincewe both are on the mortgage. What is the best way to go as I would like to financial benefit from this as I will be moving to another state.

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

How long it has been that the loan was taken. You must have contributed towards its repayment. You should ask for that share to be returned. In addition you have a right to a part of the equity that has developed in the house.

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

Hi Guest,

If you wish to sell your share of the property to your boyfriend, do not sell it with too much profit. In that case, you have to pay the applicable capital gains tax on the profit earned through sale. But if you are staying in this house for the past 2 years, you may be eligible for reduced gains exemption.

BTW what type of financial benefit are you looking for?

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

larry,

Reduced gains exemptions are meant for those who stay in the property for less than 2 years prior to the sale. I'm confused, is what you mean correct?

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

Adonis,

I meant to say that if the person lives in the house for less than 2 years, he may be eligible for the reduced gains exemption.

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

my house was sold on a assumptian deal 4 years ago all payment made on time since does that mean i cant buy a house of my own?

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

Hi,

I think you can qualify for a new mortgage even after selling your house on an assumption deal.

Lenders generally look for your credit report and debt-to-income ratio.

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

Hi Jason,

Your house was sold on a assumption deal 4 years ago. I hope now you have gain good credit score. So if your credit report is good, you can surely qualify for the mortgage.

Thanks,
Larry

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

my boyfriend and i live together in a house that i bought from my mother's estate. My lawyer prepared the papers for my boyfriend to sign which states that he does not have any claims on my home, and when presented with a quit claim he is to comply to signing off of any interest in the house, my concern is that he is the mortgage holder, once he is off of the deed will the mortgage come to me, which would be fine

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

Been reading this page; simple assumptions vary from lender to lender not to mention the type of mortgage your in. I think people are confused with other types of assumptions. So far i have ran into three and one of them is what works for me.

An existing va backed mortgage without refinancing; using a simple assumption to put my wife on it as secondary; not primary; for 50 bucks. No refinancing; no other type of loans; va mortgage stays the same; me as primary her as secondary for 50 bucks. I've had the va backed mort. Thru a major lender (the second one) since 1999. This is a great deal and break. No [url=http://www.mortgagefit.com/refinance.html]refinance[/url]; no non va backed mort. And no other conventional mortgages; nothing changes except the wife is the secondary; not the primary and as long as i live we get the prop. Tax break; if i go; she has one on file and gets the same. My dic will cover her payments. These discussions are hard to follow due to the infinite variables. I just went nuts as of this date jan, 7, 2008 found the right person after a month of phone tag and it's a piece of cake. Now i can move on to wills and such. Semper fi!

[color=Red:3efcc00cca][Modified as per forum rules][/color:3efcc00cca][size=9:3efcc00cca][/size:3efcc00cca]

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

Hello Skydust,

I think it will be better if you consult your lender before you do a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]. Because the lender might call the entire mortgage balance due immediately if there's any change in the property ownership or else he might not give his consent to remove the primary borrower's name from the title of the property.

If you are willing to take the mortgage in your name then you have to refinance the loan in your name but that will be possible only if you qualify for it.

I think it is important for you to talk to your lender before you do anything else.

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

This forum has cleared most of my doubts about simple assumption.

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

CAN A PERSON USE THEIR RRSP'S AS A DOWNPAYMENT ON CASH TO MORTGAGE WHILE ASSUMING A MORTGAGE OR IS THIS STRICTLY CASH.

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

Hi Guest.

Welcome to the forum.

You can use your Retirement Savings Plan to pay the down payment but I don't think it is a good move to eat up the Retirement Savings account.

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 father died with a mortgage balance left on the house. it is our family house that i grew up in. my brother does not want any parts of the house, so i have been making the payments in order to prevent the bank from forclosing on the property. can i get then morgage loan transfered in my name and if so, do i have to refinance the balance in order to do this?

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helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi unknown,

You will have to refinance the current mortgage balance so that you have your name on the loan. Know more on refinance prior to going for it.

Thanks.

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

My divorce left liability and property to my ex. (We're still on good terms) The mortgage company says that we're both still responsible though. They wont remove me from the mortgage and his credit isn't good enough to re-finance. Assumption was mentioned as an option of removing financial liability from me, but reading here that doesnt sound right. Any other options?

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

Welcome Beth.

[url=http://www.mortgagefit.com/know-how/novation-mtg.html]Novation[/url] may be another option but as your husband's credit is not good enough, the mortgage company may not agree to do the novation. But you can contact with the Mortgage Company and request then for the novation.

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

Do I need to file an assumption, a quit claim deed, or something else to have my name removed from the house loan with my ex-wife?

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

Hi mcav!

If you want to remove your name from the loan, then your ex-wife needs to refinance the mortgage in her name. Signing a quitclaim will not serve the purpose.

Thanks.

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

My father passed away earlier in the year- no will, but I am his only child. I am going through the process of getting the deed put in my name and I am the executor on the estate. I would like to make a simple assumption on the loan. I realize that I would then be liable. However, since I am the person making the assumption and making the payments I would like to know exactly how I would be held liable if I were to default. Since my name is on the deed, would the mortgage company just foreclose on the estate or would I have to actually pay the balance that is left on the mortgage ($21,000) if I defaulted?

Thanks

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

Hi anonymous!

As the property will be in your name, the lender may ask you to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan. If you assume the loan and default on it, the mortgage company can easily foreclose your property. Your property will be sold and the lender will try to recover the debts. If the debt is not fully recovered then, the lender may either place lien on your other property or will ask you to immediately pay him the dues.

Thanks.

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

My sister recently moved out of state; however she was buying a home and wants my husband and I to assume the notes. I don't want to get in this home and not have it in my name and put the work into it and she decides that she wants it back now that it is fixed up. WHat can I do to protect what I have done and get the necessary paperwork in place.

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

Hi TIffany!

Do you and your husband have documents stating that you own the property? If yes, then your sister will have no claims to it. But if there is no such documents, then I am afraid that you will lose the property.

Thanks.

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

can a loan be assummed if the owner has passed/deceased and the property has been willed to you, but you creit is marginal?

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

Hi weewee!

When you will be assuming the loan, the lender will check your credit. If your credit is not good, then there are chances the lender will not agree for a loan assumption.

Thanks.

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

My mom die and she will the house to me. but I have bad credit can I still get the house with her loan.

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

Hi biker lady!

You haven't mentioned your credit score. FHA offers loan to people who have a credit score of 580. But again there are various criteria to get the loan. If there are any late payments or unpaid collections in the last 1 year, then there are no chances of getting a loan.

This community also has a number of lender who may provide you a no-obligation free mortgage consultation. You can speak to them about your situation. There are also some lenders who will offer you a free consultation to improve your credit.

Thanks

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

My dad recently passed and he willed the property to me but there is a les pedens on the property. Do you know if the mortgage company will complete the assumption of the loan into my name if there is the legal issue on the property? The property is already deeded in my name.

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

Hi Guest,

The lender may have issues in completing the loan assumption with you considering the fact that there is a legal issue with the property. You can try to clear off the les pendens as soon as possible and then try assuming the loan. Moreover you should also inform the lender about the les pendens on the property. If you do not inform and if the lender comes to know about it later on, he may penalize you.

Thanks

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

Thanks for the note. The other option is to pay off the mortgate. I would assume there would not be any issues with paying off the mortgage with the Les Pedens. Please let me know your thoughts. Thanks!

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

Hi Guest,

Does your lender know that there is a lis pendens on the property? In my opinion you should first inform the lender about it. I think the lender will have no problems if you are paying the mortgage payments.

However, if the person placing the lis pendens files a "Withdrawl of Notice of Pending Action" and records it at the county recorder's office, then you will be able to assume the loan.

Thanks.

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

When a subject to existing mortgage is completed, I understand the new buyer is not obligated for the note but the seller still has obligation and is still responisble for payment. My question is for the seller debt-to-income. Is the mortgage payment still included in his DTI and could prohibted them from purchasing anything late. Can the Seller qualify for new loan without counting this mortgage debt.

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

THE RESPONSE HAS NOTHING TO DO WITH MY ORIGINAL QUESTION.

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

Hi builder

As far as I know, if the seller has the mortgage in his name and the payments are done in the seller's name, then the mortgage will be calculated in the seller's debt to income. This mortgage debt will be counted when the seller will try to qualify for a new loan.

Thanks.

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

Who should claim the intrested payed on the mortgage loan if the morgage was assumed and the deed was transfered into the person assumings name?

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

Hey Holly,

As far as I know, the person who pays the mortgage dues can claim the interest. In your case, I guess, the person who has assumed the mortgage will be paying the mortgage dues. So he/she will be able to claim the interest.

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

Hello.
If I complete a simple assumption to put my sons on my 2 homes, does that
insure they get the properties when I die?

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

Hi Maria Herndon

Putting your sons name on the mortgage will not ensure that they get the property. Your sons should have their name on the property deed as well. Moreover, you can leave them a will which states who will get the property after your death.

Thanks.

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

My uncle sold me a town home over a year ago. Since that time, we have found out that our family is growing and we need more room. We found a home for an excpetional price and are trying to jump on it. We don't think we have time to list our home or the extra money to pay realtor fees.

The home we are looking at is a private sale and the man selling it is selling it for way under market value. We need to get what we paid for home (or close to it) to ensure we have enough to pay the 5% difference in our portable mortgage.

My uncle says he will buy the place back from us but, since he is currently building his dream home, he would have to assume the mortgage, paying us the money we put into it of course.

If our lender approves his assumption of the mortgage are we then able to get another mortgage (we qualify) or are we responsible for the assumable for a one year period. If we are responsible, can we still get a new mortgage or do we have to wait for the entire year?

If we do have to wait then our plan is no good to us anyway.

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