Posted on: 29th Jul, 2011 02:34 pm
[justify:e4a8ba3d4d]With BOA, is it possible to do a Simple Assumption by allowing my grand-daughter and her husband to assume the payments on my house. Would the
title to the property then be listed in their name, as well as BOA, rather than my name? I know that I would still be responsible for the unpaid balance in the event they default. Guess what I am asking is, if a title search was done, would it still show up in my name.
That, plus, does BOA allow Simple Assumptions of this nature? [/justify:e4a8ba3d4d][/justify][/quote]
title to the property then be listed in their name, as well as BOA, rather than my name? I know that I would still be responsible for the unpaid balance in the event they default. Guess what I am asking is, if a title search was done, would it still show up in my name.
That, plus, does BOA allow Simple Assumptions of this nature? [/justify:e4a8ba3d4d][/justify][/quote]
Slotalkinwoman;
Generally, BOA does not allow simple assumptions and your grand-daughter and her husband would have to apply for a brand new loan. Unless you took yourself off title, a title search would list you as the owner. What is it that you are trying to accomplish, I can probably point you in the right direction.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
Generally, BOA does not allow simple assumptions and your grand-daughter and her husband would have to apply for a brand new loan. Unless you took yourself off title, a title search would list you as the owner. What is it that you are trying to accomplish, I can probably point you in the right direction.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
What I am trying to do, is get the property out of my name, so that in the event that I go into a nursing home sometimes in the future, I will not have any real property to deal with