Posted on: 30th Apr, 2009 08:54 am
My significant other passed away and left our home bequeathed to me in her will under the condition that I assume the mtg. I have since paid the mtg on time, but I applied and was told I cannot assume because I can't prove my relationship to her, and because I don't have enough reportable income. Mind you I am the paying the mtg every month.
Not anyone can just assume the mortgage. You have to understand that the lender would like to make sure you can qualify for the mortgage that will be your responsibility ultimately. Even when assuming a mortgage, there are still qualification requirements. I hope this helps...
if the home is now yours, you are likely better off seeking a new mortgage to refinance the existing loan. the other easy alternative is to continue making payments until that loan is paid in full. that won't do anything positive for your credit report, but it will accomplish the larger need of paying for the house.
