Mortgage Loan Assumption » MORTGAGE

Assumable Mortgage?

admin — Sat, 10 Dec 2011 01:32:43 +0000

Question by JosieE7: Assumable Mortgage?
How do I list my house as an assumable loan and can I ask for more than what the loan is listed at? I need to get out of my house soon because I can’t afford it anymore because of a divorce and I just need to sell it. I want to do an assumable because I have a great interest rate and want the buyer to pay closing cost and assumable loan fees. PLEASE HELP!!
But I don’t want to pay closing cost or get a realator. Will that help or hurt me?
Yes, I’ve talked to my lender and they said it is an assumable loan but they have to qualify through them.

Best answer:

Answer by Judy
Sure, you can advertise it that way – and could be a selling feature if it’s got a good rate.

And you can ask more than the loan – the difference would have to be made up by the buyer either with down payment, another loan, or combination of the two.

Good luck.

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Can we set up mobile home on our property if we have a mortgage?

admin — Mon, 03 Oct 2011 16:25:34 +0000

Question by stephshelium: Can we set up mobile home on our property if we have a mortgage?
We are doing a lease option on our current home as we are moving to another area to be closer to family. We have an FHA loan and will be leasing the property and the buyer has the option to purchase the property at the end of the lease. She wants a 5 year lease to insure she has time to repair her credit. I told her that was fine as that would help insure we have tenants to help cover our mortgage. However, she wants her mom close and wants to know if they can set up a home. Since they will be here 5 years, intend to purchase the home or assume the mortgage she wants to know if she can set up a small mobile home for her mother on the property. The mother will be paying cash and is aware that by no means can she use this land for collateral. She would be required to install a seperate septic tank since she could not tap in to the one with our home.

Is this allowed? The home will not in anyway effect he lien or anytime of leins against the property.

Also, will the second home, which will be in her name raise my taxes? I know she will have to get a registration and pay taxes every year like a car so would they tax me as well? It seems like that would be double taxing. Would that effect the value of my property to raise the taxes for me?

Any info would be greatly appreciated!

( And before anyone jumps off the deep end saying that assumptions don’t exist, I have an FHA loan and it is assumable and I do have the Truth in Lending with the assumption allowance in writing. The only requirements is that the owner have creditworthiness and be able to afford it by debt ratio.)

Best answer:

Answer by Botsy
Better check with your local building department, as many areas do not allow mobil, or manufactured homes,and those that do may have restrictions on size, location and how mounted, if with solid foundation and many other codes that may have to be followed.
Also, to have a second home on your property, under a different name, you may have to appear in front of the zoning board and sub divide the property, depending on the laws in your area.

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Can his ex force him to remove her name from the mortgage?

admin — Sat, 24 Sep 2011 01:24:25 +0000

Question by willsgirl21: Can his ex force him to remove her name from the mortgage?
He made all the payments after the divorce… the house was supposed to go to him but a refinance or name removal was not specified in the divorce. Due to health issues he was forced to file bankruptcy (ch 7) and the lawyer recommended he let the house foreclose. She is now stating she needs him to sign some paper to have her name removed from the mortgage prior to foreclosure. Per the bank the loan is not assumable… what could she possibly be talking about? She refused to pay credit cards which was half the reason he had to file BK… now suddenly she is very concerned about her own credit and wants him to help her. She said that if he doesn’t just help her she will have to get a lawyer to force him to. If the loan is not assumable… the divorce papers don’t state that he has to refinance or take her name off of the loan, it seems to me that she doesn’t have much room to play, but I am worried that maybe she does? Does anyone have any hints???

Thank you,

Best answer:

Answer by MamaLuna
He shouldn’t sign a thing without having HIS lawyer look it over first!

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