Posted on: 16th Jan, 2011 10:25 am
I INHERITED A HOUSE IN FORECLOSURE. I'M 10 MONTHS BEHIND DUE TO INCOME. I TRIED TO GET A MODIFACATION, NO LUCK. NOW BANK OF AMERICA IS DEBATING ON PUTTING MONEY OWED ON BACK OF LOAN. I LIVE IN THE HOUSE. AND ALSO RENT OUT A ROOM TO SOMEONE. I DON'T HAVE THE MONEY NOW TO GO TO COURT AND TRANSFER OWNERSHIP TO MYSELF. THEN I CAN ASSUME LOAN ,MAYBE. WHAT SHOULD I DO NEXT?
Welcome chey,
Unless you transfer the property in your name, you won't be able to assume the loan. The lender will not be ready to have a word with you unless the property is transferred in your name. So, you should take steps in order to get the property transferred in your name.
Unless you transfer the property in your name, you won't be able to assume the loan. The lender will not be ready to have a word with you unless the property is transferred in your name. So, you should take steps in order to get the property transferred in your name.