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.
Your info was a little sketchy but I will assume the new loan was used to pay off your existing debt on the car which, providing there are no other liens on the vehicle, will allow you to receive the title. I am assuming you have a vehicle loan agreement that is marked PAID. Receiving the actual title can take some time depending on your state.
upon paying off an existing loan how long before you may take out new loan
An FHA home equity loan differs from a traditional equity loan in that it allows homeowners with bad credit to refinance their mortgage, and can be practical for people wanting to purchase a new home or repair their existing one.
No, you have to refinance the mortgage. The person you want to add to the loan needs to apply with you on the new one.
Equity is the value of your home less the amount owed on the mortgage. A home equity loan is a loan secured by the equity in your home. Your lender will use an assessment to decide your home's value and the amount of equity available to abstract. If the available equity exceeds your mortgage balance, you can use an equity loan to pay off your mortgage. If your mortgage exceeds the available equity you cannot use the equity to pay off your existing mortgage.
Yes, you can get a new home loan even if you have an existing one, but your eligibility and terms may be influenced by your current home loan obligations and financial situation.
Refinancing your home loan is where you take out a new home loan to pay off your existing one. You can either refinance by taking out a loan with a new bank or you can refinance to a new loan from your existing lender.
Your info was a little sketchy but I will assume the new loan was used to pay off your existing debt on the car which, providing there are no other liens on the vehicle, will allow you to receive the title. I am assuming you have a vehicle loan agreement that is marked PAID. Receiving the actual title can take some time depending on your state.
upon paying off an existing loan how long before you may take out new loan
An FHA home equity loan differs from a traditional equity loan in that it allows homeowners with bad credit to refinance their mortgage, and can be practical for people wanting to purchase a new home or repair their existing one.
No, you have to refinance the mortgage. The person you want to add to the loan needs to apply with you on the new one.
They bought a portion of their existing accounts
Equity is the value of your home less the amount owed on the mortgage. A home equity loan is a loan secured by the equity in your home. Your lender will use an assessment to decide your home's value and the amount of equity available to abstract. If the available equity exceeds your mortgage balance, you can use an equity loan to pay off your mortgage. If your mortgage exceeds the available equity you cannot use the equity to pay off your existing mortgage.
A debt consolidation loan combines all existing debt into new home loan. These loans typically have relatively low interest rates especially when compared to credit cards, making it easier and cheaper to pay off the loan.
It really depends on what type of home equity loan you do and which instituion you do it thorugh. I would check with the orinating institution. Unless I misunderstand your question. Typically a home equity loan is completely separate and has no effect on your first mortgage.
NO.
Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.