i am buying my own home paying my mortage i recently was told a friend of mine who lives in a two story that she was moving we want to take over there house whats the best way to do this who do we ask we want the mortage to stay the same .we want our name to be on some kind of paper work so we dont get messed over in future after we pay all those years i dont know the first thing bout this im a first time home owner we just want it legal .
You can’t take over her mortgage. You need one of your own, you will need to buy the house from her.
about taking over someones home mortage?
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Whoever holds the mortgage now must approve you and it will probably be for a new rate, not the seller’s rate. You cant just take over someone’s payments – you could, but you would have no legal interest in the property.
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What you are wanting is to "assume" their mortgage. This is very hard to do now days. Most loans are not assumable- but if they are you have to qualify with credit/income etc. You don’t say whether you want to live in your friends home or stay in yours. If you plan to stay in yours & use your friends as an investment property you can forget it. Assuming a non-owner occupied residence won’t happen. If you are planning on renting out your current residence & moving to the new one then you have to qualify with both mortgage payments since we can’t use rental income to offset until you have a 2 year history (proven with tax returns) of being a landlord.
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22 years mortgage business.
You can assume someones loan. Nobody really does this anymore, but it is not unheard of. In order to assume someones loan you need to be approved for the same type of loan they were approved. I would call the mortgage company about the details, but it is possible…
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you will need to contact a local Realtor – or title company – to do the paperwork. You can not take over her mortgage payments, you will have to qualify for your own mortgage to buy the house from her. The seller could also do a contract for deed for you (alternative method) but you need to contact a REALTOR or TITLE company to help you with this. Contact your own loan officer to see if you can get a mortgage. Good Luck
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You can’t take over her mortgage. You need one of your own, you will need to buy the house from her.
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That is called assuming a mortgage. It used to be common but is very rare now. Most loans now have non-assumability clauses.
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You can’t take over someone’s mortgage. The current owner must sell the house to you. You have to qualify for a mortgage on the property based on your income, credit, assets, etc. Once approved, the mortgage company will get an appraisal done on the property for the value. When you close the deal, it will be deeded over to you on the Title and list the mortgage company as the mortgagor.
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