Posted on: 03rd Apr, 2012 11:20 am
My grandmother passed away in May of 2011 and my oldest sister is POA of the estate and I am trying to assume the loan my sister signed papers for me to beable to access the account and get information at first they told me I had to fill out a packet so I waited for the packet and it never came so I called the bank again this would be the third time that I had talked to someone and after waiting for about a month and a half they told me that the loan was not assumable I don't understand how could it not be assummable when my grandmother is passed and my sister was going to let the place go into forcloser because she can't afford it what can I do
hi fnaill,
unless the assumable clause is mentioned in the loan docs, you won't be able to assume the loan. you may have to refinance the loan in your name. however, in order to do so, you should have a good credit score, income and at least 2 years of employment history.
unless the assumable clause is mentioned in the loan docs, you won't be able to assume the loan. you may have to refinance the loan in your name. however, in order to do so, you should have a good credit score, income and at least 2 years of employment history.
Hi fnaill!
Welcome to forums!
Apart from what Adonis has said, you may even contact a real estate attorney and take his help in negotiating with the lender so that you may convince him to let you assume the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Apart from what Adonis has said, you may even contact a real estate attorney and take his help in negotiating with the lender so that you may convince him to let you assume the loan.
Feel free to ask if you've further queries.
Sussane
You can't assume your Mother's mortgage simply because you're an Heir to the Estate. Lenders offer mortgages for this purpose, enabling family to refinance property in their names when a relative Passes.
