Posted on: 22nd Jun, 2011 10:11 am
Dad now elderly and going into a Nursing Home, but is part owner of home with someone else. Dad needs name taken off Mortgage with Bank of America. They said all that needs to be done, is they send a Mortgage Assumption package and both owners sign it. That it costs a few Hundred dollars to do and then dad is released from any obligation whatsoever on the Mortgage of home located in arizona.
Can this be entirely correct?
From what I'm reading here though, it sounds like Assumption does NOT release him completely. Can anyone explain this confusing situation?
Can this be entirely correct?
From what I'm reading here though, it sounds like Assumption does NOT release him completely. Can anyone explain this confusing situation?
Welcome Guest,
The other owner of the property should assume the mortgage in order to release your father's name from the mortgage docs. The other person will become liable for the mortgage payments.
The other owner of the property should assume the mortgage in order to release your father's name from the mortgage docs. The other person will become liable for the mortgage payments.