Posted on: 12th Jan, 2011 11:13 am
I am looking for help with an assumption. I currently have an FHA mortgage in my and my mother's name. I am recently married and I want to take my mother off the loan and have my husband assume her obligations. I have been in the house for 15 months and have made all my payments ontime. How do I go about this? Do I need professional help or can I contact my lender directly?
hi bverrillo!
welcome to forums!
you and your husband will have to refinance the mortgage in order to remove your mother's name from the mortgage docs. however, in order to refinance the mortgage in your names, there should be at least 20% equity in your property. moreover, both of you should have good credit scores and stable income. you can contact your present lender for refinance or you should apply for it with other local lenders.
feel free to ask if you've further queries.
sussane
welcome to forums!
you and your husband will have to refinance the mortgage in order to remove your mother's name from the mortgage docs. however, in order to refinance the mortgage in your names, there should be at least 20% equity in your property. moreover, both of you should have good credit scores and stable income. you can contact your present lender for refinance or you should apply for it with other local lenders.
feel free to ask if you've further queries.
sussane