Financing in National City>Question Details

Shirley, Other/Just Looking in National City, CA

Taking over a mortgage loan from relatives

Asked by Shirley, National City, CA Wed Jul 11, 2012

I would like to take over a mortgage loan from relatives (i.e. I want the loan to be under my name)? Do I need to have title to property for at least 6 months? Is there any other information I should know?

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6
Place your home in a trust and make the payments. It's that simple. A trust attorney can advise you on the best structure.
0 votes Thank Flag Link Thu May 23, 2013
Shirley,
You would have to see if it is an assumable loan etc.
You may need to Acquire the property and generally qualify for a new loan just like a regular purchase.




Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
harold@socalhomes.biz
http://www.socalhomes.biz
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Wed Jul 11, 2012
Hi Shirley,

You'll need to qualify with the lender most likely. So, the first step is to talk to the lender of your relative's loan to see if it's even assumable; most aren't these days. You could always ask if you can add your name to the loan.

Good luck,

Cory La Scala, REALTOR
Independence
0 votes Thank Flag Link Wed Jul 11, 2012
You need to talk to the lender. More than likely, the loan is not assumable by you.

You can purchase the property from them and get a mortgage using a gift of equity to get the down payment waived.

For more info, contact me at 215-238-9400.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Wed Jul 11, 2012
Tim is right, if you take title without lender approval it will trigger the due on sale clause, something most mortgages contain.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed Jul 11, 2012
You need to talk to the lender. You can't just take it over, you must get them to allow it and you might need to refinance to get them to allow it. The loan was in their name and to get it into your you must deal with the lender to see if they will allow it.
0 votes Thank Flag Link Wed Jul 11, 2012
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