we are facing forclosure on a house needing maintence can a relative assume loan. we owe less than house value.
By amy tidwell, Friday, October 10, 2008.Bookmarking Sites
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facing foclosure on a 30 year fha fixed mortgage through wells fargo. wanting to allow son to assume mortgage. we owe 90,ooo.oo and are several months behind on mortgage payments do to job loss. house we believe is worth 20,ooo.oo more than owed but will sell for current amount owed to our son, and payments re-adjusted about 200.00 less than our current payment of 850.00.
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Submitted by Jack Kloskowski on October 16, 2008 - 10:55pm.
Yes. Most FHA loans are assumable, meaning you can transfer your loan to the new owner if you sell your house. That allows the new owner to take over your FHA loan without the additional cost of obtaining a new loan. To determine if your loan is assumable, look for the clause "subject to transfer" in the mortgage note. To assume the loan, the buyer has to meet the credit standards for the loan. It that reagard, the new buyer needs to qualify for the assumption in the process called "FHA streamline". Contact the lender who currently holds the loan and ask for "assumption package".
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Submitted by Maurice Davis on October 23, 2009 - 5:15pm.
Will you consider refinancing? I am a private money lender with low interest rate.