Posted on: 13th Sep, 2009 06:36 pm
In Nevada,If You Inherit A House With 170K Equity And An Outstanding Mortgage Balance Of 35K,What Does The Mortgage Bank Do With The Mortgage???,Thank You
you can refinance the loan in your name and continue to make payment
if the bank does nto get the payment as ageed they will freclosure the property and sell it
if the bank does nto get the payment as ageed they will freclosure the property and sell it
Hi Nicholas,
Sunny is correct in saying so. As you've inherited the property, you should now contact the lender either to assume the loan or to refinance it. Once you refinance it, you will become liable for the loan. In case, if you do not assume or refinance the loan, the lender will go ahead and foreclose the property.
Sunny is correct in saying so. As you've inherited the property, you should now contact the lender either to assume the loan or to refinance it. Once you refinance it, you will become liable for the loan. In case, if you do not assume or refinance the loan, the lender will go ahead and foreclose the property.
what if you have horible credit,does the bank have to let you assume the mortgage?
In my opinion if the remaining amount is 35 k ,they will not creat any problem even if you have reallly horrible score because the equity is more than the owed amount.
Hi nicholas,
If you have a bad credit score, then the lender will not let you assume the loan. You will have to improve your credit score first in order to get a loan assumption. To know some steps to improve your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
If you have a bad credit score, then the lender will not let you assume the loan. You will have to improve your credit score first in order to get a loan assumption. To know some steps to improve your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks