Mortgage Loan Assumption » need http://www.assumptionlink.org Information On Mortgage Loan Assumptions Fri, 27 Jan 2012 01:37:53 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 I NEED TO ASSUME A MORTGAGE MY FRIEND DID FOR ME? http://www.assumptionlink.org/i-need-to-assume-a-mortgage-my-friend-did-for-me/ http://www.assumptionlink.org/i-need-to-assume-a-mortgage-my-friend-did-for-me/#comments Mon, 22 Aug 2011 23:25:26 +0000 admin http://www.assumptionlink.org/i-need-to-assume-a-mortgage-my-friend-did-for-me/ Question by CHACHALEE: I NEED TO ASSUME A MORTGAGE MY FRIEND DID FOR ME?
Due to my credit issues last year, my friend bought my home in her name and we were told that it was an assumable ajustable rate mortgage.

My credit issues have been cleared up and I am trying to take over the mortgage but the bank is saying that she may have to sell it to me as if I refinance it will still be in her name.

Help!! I need to get this out of her name as she did me a huge favor and I have been the one making the payments from my checking account.

What can I do?

Best answer:

Answer by reenzz
Sounds like your friends loan is NOT assumable. Both of you need to re-read the loan papers. If it is indeed not assumable, then you would need to treat this as a purchase.

What do you think? Answer below!

]]> http://www.assumptionlink.org/i-need-to-assume-a-mortgage-my-friend-did-for-me/feed/ 1 I am renting my home, do I need to inform my mortgage company? http://www.assumptionlink.org/i-am-renting-my-home-do-i-need-to-inform-my-mortgage-company/ http://www.assumptionlink.org/i-am-renting-my-home-do-i-need-to-inform-my-mortgage-company/#comments Sat, 06 Aug 2011 22:25:17 +0000 admin http://www.assumptionlink.org/i-am-renting-my-home-do-i-need-to-inform-my-mortgage-company/ Question by David P: I am renting my home, do I need to inform my mortgage company?
It is a FHA loan 30 year fixed assumable loan. Renting because the market stinks & cant sell. Any other issues with this plan I may need to be aware of?

Best answer:

Answer by deejayspop
be very careful in the screening process, the wrong tenant can cost you thousands in repairs

What do you think? Answer below!

]]> http://www.assumptionlink.org/i-am-renting-my-home-do-i-need-to-inform-my-mortgage-company/feed/ 5 Rental Business: when buyer must “assume a mortgage” does it mean buyer does NOT need a mortgage broker? http://www.assumptionlink.org/rental-business-when-buyer-must-assume-a-mortgage-does-it-mean-buyer-does-not-need-a-mortgage-broker/ http://www.assumptionlink.org/rental-business-when-buyer-must-assume-a-mortgage-does-it-mean-buyer-does-not-need-a-mortgage-broker/#comments Tue, 05 Jul 2011 20:30:40 +0000 admin http://www.assumptionlink.org/rental-business-when-buyer-must-assume-a-mortgage-does-it-mean-buyer-does-not-need-a-mortgage-broker/ Question by Neil V: Rental Business: when buyer must “assume a mortgage” does it mean buyer does NOT need a mortgage broker?
Hi All,
When buyer is required by the seller to “assume seller’s mortgage” as part of the purchase, does it mean buyer does not need a mortgage broker to complete the transaction? will the RE agents take care, in this case, of the communication with the SELLER’S BANK regarding the assumable mortgage?
THANKS.

Best answer:

Answer by sar
best to ask your attorney this question

What do you think? Answer below!

]]> http://www.assumptionlink.org/rental-business-when-buyer-must-assume-a-mortgage-does-it-mean-buyer-does-not-need-a-mortgage-broker/feed/ 2