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How would I go about taking over a mortgage from a family member

by malogeorge892181 from Cisco, Illinois. Apr 21st 2015 Reply


Terry Taitel (terry@resourceplus.com)
#33 ranked lender in Illinois - 7 contributions

It would have to be an FHA or VA mortgage which is assumable.Terry TaitelResource Plus Mortgage 847-359-5300

Apr 21st 2015
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

are they current ??? linda

Apr 21st 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

If the current mortgage is FHA or VA, then they are assumable "WITH QUALIFYING".. meaning you have to provide all the documentation as you would if you were purchasing the home from an individual. If the current mortgage is a conventional or "Portfolio" type loan, then they are non assumable.. if the family member deeds the property to you, it could trigger a "due on sale" clause, and you would have 90 days to pay off the loan or they would foreclose. If you inherited the home through a deceased trust or probate, then federal law prohibits the lender from calling the note due.. the trustee of the deceased will deed the property to you and you can notify the lender of the change.. There are so many different scenarios that it's impossible to advise you properly without knowing all the details.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 21st 2015
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