Home Selling in Lees Summit>Question Details

Serious, Other/Just Looking in 64064

What do I need to do if I want to do an assumption on my home if that is possible? It's under FHA.

Asked by Serious, 64064 Mon May 3, 2010

i HAVE LOST HALF OF THE INCOME TO THE UP KEEP OF THIS HOME. wE ARE IN A FOREBARANCE FOR THE NEXT THREE MONTHS WITH THE HOPES THAT MY DAUGHTER IS ABLE TO FINE EMPLOYMENT AGAIN. iF NOT i AN CONSIDERING AN ASSUMPATION ON THIS HOME AND HOPING I CAN ASSUME SOMEONE ELSE'S HOME. A RANCH HOME THAT IS NOT AS EXPENSIVE AS MY HOME IS PRESNETLY,.

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Britton Brown’s answer
Assumption of an FHA-insured mortgage is a servicing function where the responsibility of the mortgage is acquired by another person through either Simple or Creditworthiness process. Individuals may assume mortgages originated prior to December 1, 1986, by utilizing the "Simple Assumption" process. For those mortgages originated on December 1, 1986 and thereafter, HUD placed certain restrictions on the assumption of those FHA-insured mortgages and those mortgages have to go through the Creditworthiness Assumption process. Please refer to the Assumption Chart for 1) Mortgage Original Closing Date, 2) Owner-Occupancy Requirement, and/or 3) Investor Limitation. (You can find it at http://www.hud.gov/utilities/intercept.cfm?/offices/hsg/sfh/nsc/rep… (Just copy and paste in your tool bar.))
The bottom line is that this is not as easy as it sounds and there are a lot of issues to contend with especially with an FHA. Whatever you do, do not leave that property! FHA will automatically say you abandoned the home and that will disqualify you for all the options you may have access too.
If you need more help feel free to contact me at 816-268-4176.
0 votes Thank Flag Link Mon May 3, 2010
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