Posted on: 06th Sep, 2011 10:19 pm
I will be assuming a mortgage. However, I’m not sure what the benchmarks are for a mortgage assumption. Can anybody help me in knowing that?
You can think of an assumption as a finance program with a bank. Basically you will be required to meet the loan requirements, just as if you walked in to a bank and asked for a new home loan purchase. You have to show credit, income, assets, etc...Good luck!
BoA also says you must have 6 months worth of mortgage payments in reserve in your bank account to assume the mortgage in case of divorce.
Hi desertrachel,
It is true that most of the lenders will want you to have 6 months of mortgage payments as reserve in your bank account. This will make sure that you won't default the mortgage in the next 6 months.
Thanks
It is true that most of the lenders will want you to have 6 months of mortgage payments as reserve in your bank account. This will make sure that you won't default the mortgage in the next 6 months.
Thanks