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  1. #1
    accountantp is offline Junior Member
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    Deed under my name but not mortgage note

    What is the name of your state (only U.S. law)? New York

    My Brother bought the house 5 years ago and from day 1 until now, I have been paying the monthly mortgage payments.

    In 2007, my brother transferred the deed to my name but the mortgage note is still under my brother's name. Mortgage is by Countrywide.

    Is there a way that i can transfer the mortgage note to my name? I would really appreciate your advice before speaking with the bank.

    Kindest Regards,
  2. #2
    HUD-1 is offline Member
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    Have your brother hypothetically ask the servicer if the loan is assumable. (don't mention the quit claim as they will not be happy about an unauthorized transfer). If it is assumable, follw the servicer's assumption procedure. In the likely event that the loan is NOT assumable, you will have to purchase the property from your brother and get your own mortgage.
  3. #3
    accountantp is offline Junior Member
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    what does assumable mean? Please briefly clarify? Thx

    what does assumable mean? Please briefly clarify? Thx
  4. #4
    Zigner is offline Senior Member
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    Quote Originally Posted by accountantp View Post
    what does assumable mean? Please briefly clarify? Thx
    While not strictly correct, think "transferable"
  5. #5
    accountantp is offline Junior Member
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    assumable mortgage or Obama's Loan Modification first?

    since house was purchase 5 years ago and has lost some values; shall my brother do refinance obama loan modifiation OR assumable mortgage to me first?

    Assuming brother's bank offer assumable mortgage...

    Once thank you very much for all your help.

    Kindest Regards
  6. #6
    HomeGuru is offline Senior Member
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    Quote Originally Posted by accountantp View Post
    since house was purchase 5 years ago and has lost some values; shall my brother do refinance obama loan modifiation OR assumable mortgage to me first?

    Assuming brother's bank offer assumable mortgage...

    Once thank you very much for all your help.

    Kindest Regards
    **A: it's not that simple.
  7. #7
    HUD-1 is offline Member
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    A modification will be difficult because they will run a title search and see the transfer to you. (assuming you recorded the deed). The same holds for a refi. If the loan is at a decent rate, an assumption would be the best alternative. My guess is that it is not assumable unless it is an FHA loan. That leaves you the option of buying it outright and getting a new mortgage.
  8. #8
    accountantp is offline Junior Member
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    FHA can be assumpable and conventional can't be?

    My brother's loan is 30 year conventional loan and the loan is current and performing. But I don't understand why FHA loans can be assumption mortgage and 30 conventional loans can't be? What is their logic?

    Don't you think, we might be able build a case for assumption mortgage based on the following:
    - Loan is current and performing from day 1 to now
    - I had been making all the payments from day 1 to now
    - My brother also owns another loan for his house from CW
    - Deed was transferred to my name in 2007
    - I have made improvements to the house such as redo basements and bathrooms etc,,.

    Would my brother's loan note say specifically that it can't be a assumption mortgage clause? Where would this clause be exactly if you familiar with loan note structure?

    Kindest Regards,
  9. #9
    HUD-1 is offline Member
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    Look under "successors and assigns" or "transfer of property". Basically it may say that any assumption must be approved by the lender in writing. Have him call the lender. (Thats also the part that says if he transfers any or all of the property, without their consent in writing, they can accelerate and require immediate payment in full.)

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