Posted on: 07th Oct, 2009 11:07 am
My grandmother has passed away this past june and she has a mortgage on the property. None of the family wants to mess with it. I am looking for a home and everyone suggested assuming the mortgage on the property. How do you do that???
you'll somehow have to find out who to speak with at the lender's office. of course, you'd need to be qualified to take over the loan. by that, i mean your credit would need to be adequate (or better, preferably); your income would need to be sufficient and your current debt load low.
if you know the details on the mortgage loan and who you may have to deal with at the lender's office, that's a start. you didn't mention the status of your grandmother's estate. clearly, this would be critical, because you'd have to be authorized by whoever is handling those affairs to take over the home and mortgage, etc.
keep in mind that mine is not advice from a legal standpoint. i'll hope that joshua heard, our oh-so-faithful moderator here, can chime in with his thoughts and lead you better. at the least, i've given you things to think about - it makes sense to me to try to do this if you can (and if the mortgage is assumable, of course - and if the interest rate on that mortgage is worth keeping).
if you know the details on the mortgage loan and who you may have to deal with at the lender's office, that's a start. you didn't mention the status of your grandmother's estate. clearly, this would be critical, because you'd have to be authorized by whoever is handling those affairs to take over the home and mortgage, etc.
keep in mind that mine is not advice from a legal standpoint. i'll hope that joshua heard, our oh-so-faithful moderator here, can chime in with his thoughts and lead you better. at the least, i've given you things to think about - it makes sense to me to try to do this if you can (and if the mortgage is assumable, of course - and if the interest rate on that mortgage is worth keeping).