Posted on: 01st Apr, 2011 09:44 am
I have been paying on a loan for over four years. The owner was in financial distress, the house was in foreclosure and I took over his payments in a market where houses were not selling well and financing was next to impossible. How do I go about assuming his loan and transferring it to my name. I have been paying approximately $2200/mo for 48 months. On time all the time.
Do you have some sort of contractual agreement with the owner? I sure hope so based on the funds you've expended to date.
To assume the mortgage, you'd have to discuss it with his lender - is this an FHA loan? That's critical, because conventional loans are almost universally not going to be assumable.
To assume the mortgage, you'd have to discuss it with his lender - is this an FHA loan? That's critical, because conventional loans are almost universally not going to be assumable.