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jerome8283
LIF Adolescent
Member since 5/06 633 total posts
Name:
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Assuming mortgage?
Hey guys,
I have a situation one of you may have some experience with..
The mom of my mother-in-law's sisters husband pasted away recently and left a home. Her sisters husband cannot afford to assume the mortgage and offered the home to my mother-in- law. How would something like this work?
Can my mother-in-law assume the mortgage?
Must the loan have speacial conditions to assume it?
Are there any problems when doing something like this?
If someone has experienced anything like this could you please let me know your thoughts.
Thanks
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Posted 8/6/06 10:29 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Assuming mortgage?
I would speak to a RE lawyer.
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| Posted 8/6/06 10:31 AM |
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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Re: Assuming mortgage?
And check with the bank that holds the mortgage. Some banks in the actual mortgage paperwork state that the mortgage is not assumable. She might have to buy the house and get her own mortgage.
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| Posted 8/6/06 12:02 PM |
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thiadora
Happy Little Girl
Member since 5/05 3830 total posts
Name:
Thia (Cynthia)
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Re: Assuming mortgage?
Posted by SweetestOfPeas
I would speak to a RE lawyer.
diitto
very few banks let you assume a mortgage right now. she would probably have to get her own.
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| Posted 8/6/06 10:37 PM |
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