QUESTION
Do I have to assume a existing mortgage on a home that I purchused
Asked on Aug 12th, 2016 on Residential Real Estate - New York
More details to this question:
My husband purchased a home from his mother several years ago that she had a mortgage on. she has passed on and now the mortgage company is demanding that we either pay the back due in full and make the payments also till the mortgage is payed off which we don't have the money to pay the past due in lump sum we were offered a hamp modificaton in the name of the estate which we accepted completed all the modified payments last month and now are being told by the mortgage company that to complete the modification we need to assume the loan into our name please help we don't want to lose our home
1 ANSWER
1 Award
To keep the home you are going to have to pay the mortgage. HAMP requires that it be a primary residence. So, the mortgage must be in your name to complete the process. If you are paying it, what difference does it make if it is in your name?
Answered on Aug 14th, 2016 at 3:58 PM