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Posted on: 15th Jan, 2012 12:04 pm
My mom past away in 2010 i got the deed in my name i did the transfer papers for the mortgage company the bill come in my name every month i pay it on time the loan is( $66,000) higher than the property value($41,000) the interest rate is 9.5 percent they say i can,t refiance because of that, so she connected me to the loan modifcation department . I have good credit so i ask the bank why it's not on my credit report they send me a letter saying your mother is the only borrower i have not done the assumption process, so the couldn't put it on my report but she past away i have been paying the loan. I don't want to lose my home at this rate i will never be able to pay it off i am on a fixed income.The bank has me so confused it like I'm stuck. This house has been in my family for over 40 years this the house i grew up in do you have any suggestion it would be greatly appreciated thank you.
Hi tiffanysearcy,

You're in a tough situation. You aren't personally liable for the mortgage payments as your name is not mentioned on the mortgage docs. However, if you don't pay the mortgage debts on time, the lender will foreclose the property. In order to get the mortgage transferred in your name, you can assume the loan. After you assume the loan, if you have equity in your property, you will be able to refinance your mortgage.

Posted on: 15th Jan, 2012 09:33 pm
The bank is something else all this time I'm thinking every thing is in my name until i try to get help to lower the interest rate and payment. I pay it on time every month. They sent me loan modification papers today don't make sense to feel them out and get all this paper work together for them to say i am not the borrower. They even filled in some of the paper for me like my name, ssn on this paper work say I'm the borrower. Thank you James for advice.
Posted on: 16th Jan, 2012 10:34 am
Hi tiffanysearcy!

Welcome to forums!

I will suggest you to go ahead and contact an attorney in this regard and ask him to deal with your lender. The real estate attorney will help you in resolving the matter with the lender.

Feel free to ask if you've further queries.

Posted on: 16th Jan, 2012 08:30 pm
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