Posted on: 15th Dec, 2013 02:56 pm
We are currently going through divorce, wife is giving me the house. we owe 120,000 value of home is 198000. I don't make as much as she does so will I still be able to do an assumption loan? I make 1400 a month. I do not have any other bills.
I just need to reduce payment by extending the loan. we had a 15 yr. mort. I would want to make it a 30 yr. note.
Earl.
I just need to reduce payment by extending the loan. we had a 15 yr. mort. I would want to make it a 30 yr. note.
Earl.
Hi Earl,
You will have to contact the lender in this regard. He will let you know whether or not you will be able to assume the loan given your present income.
Thanks
You will have to contact the lender in this regard. He will let you know whether or not you will be able to assume the loan given your present income.
Thanks
Hi Earl!
Welcome to the forums!
First and foremost, you should check out your mortgage docs to find out whether or not the loan is assumable. If yes, then you should get in touch with the lender for loan assumption. It will be his discretion whether or not he will consider you for it.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
First and foremost, you should check out your mortgage docs to find out whether or not the loan is assumable. If yes, then you should get in touch with the lender for loan assumption. It will be his discretion whether or not he will consider you for it.
Feel free to ask if you've further queries.
Sussane