Mortgage Assumption

[kristams]

What is the name of your state? Massachusetts

Hello - My sister would like to assume my mortgage on my house. Are there any risks I face by doing this? And what is the procedure to get this done?

Thanks!

 

[seniorjudge]

Q: Are there any risks I face by doing this?

A: Yes; if she defaults, they may come after you.


Q: And what is the procedure to get this done?

A: Ask the lender; they will prepare all the docs if it is okay with them.

 

[Samm1970]

It depends if it's a qualifying or non-qualifying assumeable. Most assumeable loans nowadays are qualifying, which means your sister would have to credit qualify and then you'd get a release of liability.

Call the lender that services your loan. They'll tell you if it's qualifying or non-qualifying assumeable and and send you out an assumption package.

 

[seniorjudge]

It depends if it's a qualifying or non-qualifying assumeable. Most assumeable loans nowadays are qualifying, which means your sister would have to credit qualify and then you'd get a release of liability.

Call the lender that services your loan. They'll tell you if it's qualifying or non-qualifying assumeable and and send you out an assumption package.

Good answer.

 

[Samm1970]

Good answer.

Gracias..............!