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Glori2ta, Other/Just Looking in Perris Hills, San Be...

I have a relative who wants to take over payments on a home loan but has no social security it cannot be done correct?

Asked by Glori2ta, Perris Hills, San Bernardino, CA Wed Sep 21, 2011

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In the old days back 20 yrs or so ago a borrower used to be able to assume VA and FHA loans without credit qualifying. Now borrowers have to credit qualify to assume loans. Of course a relative could make payments but the person on the mortgage would still be on the hook or that mortgage.
0 votes Thank Flag Link Thu Sep 22, 2011
If your relative has no Social Security number then they cannot assume a mortgage or get a new one. If they have a legal right to work here, then they should apply for a Social Security card.
0 votes Thank Flag Link Thu Sep 22, 2011
There is nothing that prevents someone from making another person's mortgage payment - regardless if they have a social security # or not.

If you are asking if they can go on the mortgage instead of you, then that would require either refinancing the mortgage in their name OR a novation agreement with your current lender (removing/adding/substituting someone for another person on a mortgage). However without a social security # I am sure it will be very difficult to do. I won't say it CAN'T be done, because your lender may allow a novation agreement, but I don't think it'd be too likely. More information about your situation and the relative who wants to take over the payments would need to be known, i.e. why do they want to take over the payments, have they been living in the property, etc.
0 votes Thank Flag Link Wed Sep 21, 2011
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