Property Q&A in Jamaica>Question Details

Sophia, Home Buyer in Queens, NY

what if family member can no longe afford mortgage & wish to turn over mortgage to another family member, does this person needs to be apprvd by?

Asked by Sophia, Queens, NY Wed Oct 12, 2011

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5
Yes....but you have to talk to a mortgage broker if the other family member qualifies for the loan amount.
0 votes Thank Flag Link Fri Dec 14, 2012
Yes.. Any one taking over mortgage has to be approved ...leela
0 votes Thank Flag Link Tue Sep 11, 2012
residential mortgages are not assumable, a new mortgage application has to be submitted in the new
owners name, and the mortgage is done fresh, you can consult me on phone 718-406-5005....barry
0 votes Thank Flag Link Wed Oct 12, 2011
Hi Sophia, call your mortgage company and see what their requirements are-even if assumable- in case of default you may/will still be liable. Then call your attorney and get some advice. Terry K 718-614-3167 or email tkorahais@elliman.com
0 votes Thank Flag Link Wed Oct 12, 2011
Depends, is the mortgage assumable...
0 votes Thank Flag Link Wed Oct 12, 2011
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