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My father just passsed away and the mortgage company that they have their home loan with sentmy mother a packet for a Non Qualifying Assumption loan - what is this exactly?
Can't we leave the loan the way it is?
She is paying the mortgage monthly.
thanks

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

how long does it take to assume an non qualifying assumption loan after the paper work has been submitted.

Like | Dislike | Share | Posted: Tue, 06/12/2012 - 10:35 | Post subject:

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

Welcome daphyne,

It shouldn't take much time. However, it may vary from lender to lender. You should contact your lender and ask him about the required time that will be needed to complete the assumption process.

Like | Dislike | Share | Posted: Wed, 06/13/2012 - 01:34 | Post subject:

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

Hi,

In a non qualifying assumption, the lender will not check your mother's credit score or income. She will be able to assume your father's loan without qualifying for it. You can keep the loan the way it is, but if the lender is offering you the option of non qualifying assumption, there's no point in rejecting it. It will help your mother to improve her credit, if she keeps making the payments on time. Besides, if there's any problem with the mortgage in future, the lender might not be willing to work with your mother, in case her name is not on the loan.

Like | Dislike | Share | Posted: Thu, 07/16/2009 - 07:08 | Post subject:

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