interest in real property

[dfurst77]

What is the name of your state (only U.S. law)? texas, fort bend county,

Our parents have an additional property they have a mortgage on, we are looking to stay in residence and pay on mortgage, if they want to give us this property to take over, or at least be able to use the homestead for the property and the tax usage on federal , how can we show interest in the property?

or any other suggestions?

 

[HomeGuru]

What is the name of your state (only U.S. law)? texas, fort bend county,

Our parents have an additional property they have a mortgage on, we are looking to stay in residence and pay on mortgage, if they want to give us this property to take over, or at least be able to use the homestead for the property and the tax usage on federal , how can we show interest in the property?

or any other suggestions?

**A: why can't they just sell the property to you?

 

[dfurst77]

Sell or ??

Thats were I am at a loss. If they have the mortgage, can i assume, or take over the mortgage, or can they "sell the property" to me and i take over the property. ,

...issue 1, their interest rate is 4% , the rate i am getting is aprx 8% when shopping in todays market.

I would like to somehow keep the rate, and be able to homestead the property for my tax purposes and federal as well.

 

[rowz]

Read the mortgage on the 4% note and see what it says about an assumption.
With that low a rate why would a bank want to assume the risk of loss or leave that much [8% money] on the table?

After reading the document you could THEN call the note-holder and inquire if there is any way that they would consider letting you qualify for the the mortgage assumption, perhaps by paying some upfront $ to do the deal.

Good luck