Posted on: 09th Jan, 2008 12:27 pm
My father wants to put my sister's name on the mortgage and I contacted the lender who said that he needed to complete the paper work for a simple assumption.
A simple assumption (from our guidelines) is an assumption where the seller remains secondarily liable and the buyer(s) do not have to qualify for the loan.
the seller in this case would be your father; the buyer would be your sister...hope this all makes sense.
the seller in this case would be your father; the buyer would be your sister...hope this all makes sense.
Hi ljmason,
Welcome to the forum.
Mortgage assumption is a good way to put your sister's name on the mortgage. Lenders don't always approve that. But here the lender is ready to do it. That is good. But does your sister also ready for the mortgage assumption as she is the one who will at the end of the day assume the mortgage?
Best of luck,
Larry
Welcome to the forum.
Mortgage assumption is a good way to put your sister's name on the mortgage. Lenders don't always approve that. But here the lender is ready to do it. That is good. But does your sister also ready for the mortgage assumption as she is the one who will at the end of the day assume the mortgage?
Best of luck,
Larry
