Posted on: 22nd Feb, 2010 07:12 am
my relative wants to do a simple assumption on property he owns. how will this affect me if i pay off the mortgage and will the property be mine.
HI,
He will be considered as co-owner of property after he get share in your property. And he has all rights on property like you.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
He will be considered as co-owner of property after he get share in your property. And he has all rights on property like you.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
gunz i think you got this one confused. the relative already owns the property - presumably ollisana would be the one doing the assuming of the mortgage.
now, if we assume that she'll receive a quit claim transferring ownership and that the lender will allow for the assumption, then she'd have full rights to the property and the relative would be a goner.
assumptions have to be extremely difficult to obtain in this market, though. i'd say that they're probably almost non-existent.
now, if we assume that she'll receive a quit claim transferring ownership and that the lender will allow for the assumption, then she'd have full rights to the property and the relative would be a goner.
assumptions have to be extremely difficult to obtain in this market, though. i'd say that they're probably almost non-existent.
Oh!
Thanks sir, to notice me.
I was little confused.
:roll:
Thanks sir, to notice me.
I was little confused.
:roll:
no harm, gunz; none is perfect but the Father.
ollisana, simple assumptions have gone the way of 386 computers. Even if you found one it wouldn't work very well. FHA allows there loans to be assumed but the new borrower has to qualify and occupy the property. It's about the only loan program that allows it.
