Posted on: 19th Jun, 2009 11:23 am
My son was very ill then lost his job. He hasn't worked in three years. My husband and I have been paying his house payments for this time. It's becoming very hard. Can we assume the mortgage some how without alot of cost to us?
Hi William,
You can take over the liability of the loan through a refinance. But a refinance will involve certain costs like closing costs etc. If the loan is assumable you can assume the loan. However, you need to talk with your lender about the assumption of the loan because you need their approval to be able to assume the loan.
You can take over the liability of the loan through a refinance. But a refinance will involve certain costs like closing costs etc. If the loan is assumable you can assume the loan. However, you need to talk with your lender about the assumption of the loan because you need their approval to be able to assume the loan.