Home Buying in Skowhegan>Question Details

Kelleyq, Home Buyer in Skowhegan, ME

Can I take over loan in my parents name. No hidden agenda. My husband and I pay now for everything to do with

Asked by Kelleyq, Skowhegan, ME Tue Aug 18, 2009

house.

Thanks Kelley

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If you look at the "Truth In Lending" (TIL) document that your parents signed when they took out the note it will tell you whether or not the mortgage is assumable. You can also contact the Lender and ask if it is assumable, as previously suggested. Either way you and your husband will have to qualify and have enough income to justify the additional debt load. Depending on what the terms are of the original note you may be better off just doing a traditional purchase with a new mortgage. My office would be happy to help you with the latter, if you so decide. Good Luck!
0 votes Thank Flag Link Tue Aug 18, 2009
You can contact the lender and ask to "assume and agree to pay" the loan. This can be done in lue of a short sale but rarely is used.
0 votes Thank Flag Link Tue Aug 18, 2009
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