Posted on: 18th Jul, 2011 09:14 pm
My father recently died. I just contacted his mortgage lender with this information as was told in writing that his mortgage could be assumed on a non-qualifying basis if transfer of ownership is to a family member. If the property is sold or willed to a non-family member, then the loan must be paid in full, What does this mean exactly?
Hi safetygirl!
Welcome to forums!
If a family member transfers the property in his/her name and assumes the mortgage, then the lender will have nothing to say. The family member can keep on making the payments and save the property. However, if it is transferred to a non-family member or sold off, then the lender will want the mortgage to be paid in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If a family member transfers the property in his/her name and assumes the mortgage, then the lender will have nothing to say. The family member can keep on making the payments and save the property. However, if it is transferred to a non-family member or sold off, then the lender will want the mortgage to be paid in full.
Feel free to ask if you've further queries.
Sussane
I have to agree with Sussane, your lender demands a full payment for the loan if the property is being sold or be given to a non member of the family.
That was too easily answered.
Safetygirl if you have any additional questions, you may want to discuss it again with the lender; you can also, of course, speak with an attorney if you like and get a legal opinion (though I believe that's not necessary at all).
Safetygirl if you have any additional questions, you may want to discuss it again with the lender; you can also, of course, speak with an attorney if you like and get a legal opinion (though I believe that's not necessary at all).
