Posted on: 29th Dec, 2010 03:55 pm
I was told I do not qualify for a simple assumption since the co-borrower is not dead & we are not divorced. The coborrower is my mother. She quit claimed the property to me in 04/2009 when she moved out & included BOA in her recent BK that has been finalized. I have been making Temporary Payment Plan payments for 14 months & now I don't qualify for a modification because it is not based on death or divorce? What options do I have? This is a Freddie Mac loan serviced by BOA.
hi guest!
welcome to forums!
assumption and loan modification are different things. you will want to go for a loan assumption when you want to transfer the mortgage from someone else's name to your name or remove someone from the mortgage. refinance also serves the same purpose. you should contact your lender and check out if you can get a refinance.
you should apply for loan modification if you're facing hardship in paying off the mortgage. this will help you in getting an affordable repayment plan which will help you in paying off the dues.
feel free to ask if you've further queries.
sussane
welcome to forums!
assumption and loan modification are different things. you will want to go for a loan assumption when you want to transfer the mortgage from someone else's name to your name or remove someone from the mortgage. refinance also serves the same purpose. you should contact your lender and check out if you can get a refinance.
you should apply for loan modification if you're facing hardship in paying off the mortgage. this will help you in getting an affordable repayment plan which will help you in paying off the dues.
feel free to ask if you've further queries.
sussane