Can I assume a mortage from a friend?

Asked by Tricia, Phoenix, AZ Tue Oct 28, 2008

My friend did an interest only loan on her house a few years ago, and now she no longer makes the income to qualify for a traditional loan and they are going to foreclose even though she has been making the payments. I need the tax deduction and want to take over the house. I make ALOT of money but my credit really is bad. I have a little for a down but what is the best way to do this?

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The Hagley G…, Agent, Pleasanton, CA
Tue Nov 11, 2008
You will have to qualify with the lender, if they'll even aloow it. Another option may be to do a wrap, which I would be careful of....especially if this is a friend!
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Stew Keene, Agent, Scottsdale, AZ
Tue Oct 28, 2008

My wife and I own a mortgage company here in the valley and would love to speak to you on what your options are.

I think we can help.

Contact me using the information listed below and I will get you the lender info and phone number to contact this evening or tomorrow morning.

We've been in the business for 25 years.

Stew Keene
Ph (480) 220-7491
Fax (866) 711 8573
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
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Dallas Texas, Agent, Dallas, TN
Tue Oct 28, 2008
Bank would need to approve any assumption of a note you would need to qualify for the loan. Why not take over the payments do a contract between the both of you were ownership in the property make her note payments, clear your credit then purchase.
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Maryann Lawl…, Agent, Bradenton, FL
Tue Oct 28, 2008
First, your friend needs to speak to her lender to see if they would consider an assumption. In recent years, many of the loans written were not assumable. Then, unless you can pay cash for the house, you will need to qualify for a loan. I suggest speaking with several lenders and evaluating your options.
Good Luck,
Maryann Lawler, REALTOR
Keller Williams Realty of Greater Manatee
Manatee County, Florida
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