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You can only assume a mortgage if the loan is assumable, and a great many are not. The mortgagor can call their mortgage company and ask for an assumption package which will tell you what is required. True, but, actually a great many mortgages ARE assumable. Everything you need to know and thousands of homes with assumable mortgages are available for search by visiting www.havemyhouse.com
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Can a corporation assume a residential mortgage?
Type your answer here... No, if the business is a corporation.
Can you asumme mortgage?
Yes. You can assume a mortgage. However, I personally always have a look at all these assumable mortgages for my clients before I recommend assuming a mortgage as I want to find out all the details of this mortgage. Details would include interest rate on it, amortization period, repayment options, early repayment penalties, frequency payments, etc. I then explain all these to my clients and if they agree to this then they would go ahead with the assumption of the mortgage. Please bear in mind you still have to qualify to assume a mortgage.
Can the executor assume the mortgage of the deceased?
The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage.
How do you assume someones existing home loan?
First, contact the owner of the mortgage. If you are interested in the property and want to assume the seller's mortgage, the person who has the mortgage must contact his/her mortgage loan servicer. That person will tell the mortgage loan servicer that a certain party is interested in assuming the loan. The servicer will then allow the interested party to contact them. The servicer, for example Wells Fargo, Citi, etc will send an assumption package to the interested party. It will usually involve a credit check and application to insure that the person that wants to take over the mortgage can qualify to make the payments. The mortgage loan servicer will then underwrite the application to the appropriate loan guidelines and ,if approved, then both parties would close the real estate contract. The buyer would assume the mortgage and the seller would be released of liability by the mortgage loan servicer.
How to write Sample letter of intent to assume loan?
How to write a letter to assume a mortgage on house owned by deceased mother.
When you buy a house and have a private mortgage can the seller sell the mortgage and change it?
I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.
Can a corporation assume a residential mortgage?
Type your answer here... No, if the business is a corporation.
Can you get reverse mortgage if some one has passed away and left you with the mortgage to pay?
A reverse mortgage is generally granted by an elderly homeowner who needs additional income and has equity in their property. Reverse mortgages are not available to anyone and are not used to pay off existing mortgages. The mortgage on your inherited property must be paid or the lender will take possession of the property by foreclosure. Rather than trying to take out another mortgage to pay it off, you should consult with the lender to see if it will allow you to assume the existing mortgage. There may be a provision in the original mortgage that allows heirs to assume the debt. Check the mortgage document.A reverse mortgage is generally granted by an elderly homeowner who needs additional income and has equity in their property. Reverse mortgages are not available to anyone and are not used to pay off existing mortgages. The mortgage on your inherited property must be paid or the lender will take possession of the property by foreclosure. Rather than trying to take out another mortgage to pay it off, you should consult with the lender to see if it will allow you to assume the existing mortgage. There may be a provision in the original mortgage that allows heirs to assume the debt. Check the mortgage document.A reverse mortgage is generally granted by an elderly homeowner who needs additional income and has equity in their property. Reverse mortgages are not available to anyone and are not used to pay off existing mortgages. The mortgage on your inherited property must be paid or the lender will take possession of the property by foreclosure. Rather than trying to take out another mortgage to pay it off, you should consult with the lender to see if it will allow you to assume the existing mortgage. There may be a provision in the original mortgage that allows heirs to assume the debt. Check the mortgage document.A reverse mortgage is generally granted by an elderly homeowner who needs additional income and has equity in their property. Reverse mortgages are not available to anyone and are not used to pay off existing mortgages. The mortgage on your inherited property must be paid or the lender will take possession of the property by foreclosure. Rather than trying to take out another mortgage to pay it off, you should consult with the lender to see if it will allow you to assume the existing mortgage. There may be a provision in the original mortgage that allows heirs to assume the debt. Check the mortgage document.
Can you asumme mortgage?
Yes. You can assume a mortgage. However, I personally always have a look at all these assumable mortgages for my clients before I recommend assuming a mortgage as I want to find out all the details of this mortgage. Details would include interest rate on it, amortization period, repayment options, early repayment penalties, frequency payments, etc. I then explain all these to my clients and if they agree to this then they would go ahead with the assumption of the mortgage. Please bear in mind you still have to qualify to assume a mortgage.
Can a mortgage be discharged if it is assumed by the buyer?
It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.
Can the executor assume the mortgage of the deceased?
The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage.
How do you assume someones existing home loan?
First, contact the owner of the mortgage. If you are interested in the property and want to assume the seller's mortgage, the person who has the mortgage must contact his/her mortgage loan servicer. That person will tell the mortgage loan servicer that a certain party is interested in assuming the loan. The servicer will then allow the interested party to contact them. The servicer, for example Wells Fargo, Citi, etc will send an assumption package to the interested party. It will usually involve a credit check and application to insure that the person that wants to take over the mortgage can qualify to make the payments. The mortgage loan servicer will then underwrite the application to the appropriate loan guidelines and ,if approved, then both parties would close the real estate contract. The buyer would assume the mortgage and the seller would be released of liability by the mortgage loan servicer.
What do you do when a person dies owing a mortgage and he conveyed the property before he died to someone who is not on the mortgage?
The property is still subject to the mortgage. The grantee should make arrangements with the bank to assume the mortgage. Some mortgage documents contain language that a transfer of the property will trigger a demand that the mortgage be paid in full. You should speak to the bank ASAP. Or, the grantee could just keep paying the mortgage.
How to write Sample letter of intent to assume loan?
How to write a letter to assume a mortgage on house owned by deceased mother.
What happens when you die and leave a mortgaged house to someone?
They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.
If our mom is deceased and she had a home in her name but a second mortgage on it and no will is it mine and my other siblings right to continue paying on the loan and then assume title of the estate?
You need to probate your mother's estate in order to pass title to the real estate to her children. The bank should be notified of her death and should also be willing to allow you to assume the mortgage payments. If the terms of the mortgage are reasonable then try to negotiate an assumption of the existing mortgage rather than a refinance. You should seek the advice of an attorney.
Can your mortgage be taken over by your daughter at your death if you have this written in your Will?
You cannot control that option by your Will. The decision is up to the lender. Most lenders will allow an heir to assume the mortgage. You should review the terms of your note and mortgage. There may be a clause that addresses this issue. If not, call the lender and ask.
