Question Details

Heather Beck, Home Owner in Houston, TX

Can a family member "assume" my mortgage then use it as a rental property? The bank said it has to be owner occupied and insured. ANYWAY

Asked by Heather Beck, Houston, TX Thu Aug 23, 2012

AROUND THIS?

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Answers

4
“Anyway around this” translates to: Anyway to deceive the bank.

Lying about anything regarding obtaining a mortgage, including occupancy is a Federal offence. You do not have the money to pay those fines or else the mortgage would not be an issue. Have the relative arrange their own financing if they want to buy your home.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
1 vote Thank Flag Link Thu Aug 23, 2012
When I say 'any around this' I mean are there any other options to get the house out of our name into a family members who wants to use it as an investment property. Both parties want to do everything legally...even though whole buy, sell, assume, system stinks!
0 votes Thank Flag Link Thu Aug 23, 2012
If you kept ownership and kept the insurance up in your name and make no changes to anything and allowed a family member to live there while you kept making the payments, unless you invited the bank over the coffee and pastry how would they know anything has changed? You would not be lying to them because you won't say anything to them.
0 votes Thank Flag Link Thu Aug 23, 2012
Is your mortgage assumable?

Is it say so, It is not a problem. It is not assumable, your family member have to get a new mortgage in his or her name.

Contact a Mortgage Broker they can qualify over him or her over the phone.

Sincerely,

Maria Cipollone
Century 21
0 votes Thank Flag Link Thu Aug 23, 2012
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