Posted on: 16th Mar, 2007 09:22 am
My home including the Mortgage is in my name only.
I have married and want my spouse to be able to continue the Mortgage Payments upon my disability or death.
My will names spouse as House Inheritance.
The Mortgage Co. says Assumption is OK to do, with a small fee and to QuitClaim from Me to Both our names.
This would then be filed with local Govt. Offices and Assumption Papers sent to Mortgage Co. along with the Registered QuitClaim Deed.
Is this Ok Plan?
I have married and want my spouse to be able to continue the Mortgage Payments upon my disability or death.
My will names spouse as House Inheritance.
The Mortgage Co. says Assumption is OK to do, with a small fee and to QuitClaim from Me to Both our names.
This would then be filed with local Govt. Offices and Assumption Papers sent to Mortgage Co. along with the Registered QuitClaim Deed.
Is this Ok Plan?
My mom past away in 2010 i got the deed in my name i did the transfer papers for the mortgage company the bill come in my name every month i pay it on time the loan is( $66,000) higher than the property value($41,000) the interest rate is 9.5 percent they say i can,t refiance because of that, so she connected me to the loan modifcation department . I have good credit so i ask the bank why it's not on my credit report they send me a letter saying your mother is the only borrower i have not done the assumption process, so the couldn't put it on my report but she past away i have been paying the loan. I don't want to lose my home at this rate i will never be able to pay it off i am on a fixed income.The bank has me so confused it like I'm stuck. This house has been in my family for over 40 years this the house i grew up in do you have any suggestion it would be greatly appreciated thank you.
Your query has been replied to in the given page: http://www.mortgagefit.com/annoucements/about53793.html . Please take a look at it. I hope it will help you.
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