Eric: Now, we get to do a little mail bag. You are listening to KBeach Global on the campus of Cal State Long Beach. Let’s do a mail bag question. By the way, you can get involved in the mail bag in a number of different ways, but the easiest way is to go to our website which is http://www.keepingitre.com on the top right hand corner there are a bunch of little pictures of Facebook, Twitter, email, and all those things just get us a question and we will read it on air and hopefully, help you out a little bit. OK, Catar wants to know how do I take over mortgage payments and have the mortgage moved to my name?
Alissa: So, they are trying to assume the loan?
Eric: I think they are trying to assume the loan. Is that something that is easy to do?
Scott: They have to qualify. So, it is basically you are refinancing it in your name. But, to assume the loan I think you can keep the terms and conditions.
Eric: I think that is the key, right? It has already been paid on for five years.
Scott: Right, but you still have to qualify for it. It is the whole approval process: income, assets, etc.
Frank: So, if someone was potentially going to get foreclosed on, can they get a co-signer to come in and assume the loan with them and join them with the loan?
Scott: If they are potentially going to be foreclosed on, then they have missed payments and there is a NOD. So, they would have to catch everything up.
Frank: Let’s say that their adjustable is going to kick in and they know that they can’t afford it on their own but they’ve got a family member who will come in and you know.
Alissa: My question is as a family member why would I want to go in on a loan that is going to adjust?
Frank: Maybe it is mom and kids want to come in because they don’t want the kids to lose the house.
Scott: It is possible. Absolutely. You would have to catch up all of the late payments.
Eric: That’s a good son.
Scott: Actually, you know what, you are going to have to . . . you are going actually, no. Because you are still the primary borrower and you have probably a 60-90 day late on your mortgage payment and you are not going to get an approval on that, because you have your mortgage late within the last 12 months.
Frank: If you are not late though, is that a possibility?
Scott: If you are not late then you can refinance it and bring in a co-mortgager.
Eric: Ok, well here is the situation for Catar. My mom is having some trouble and I want to take over the loan totally. She has already been paying for 15 years I don’t want to lose that. Can I assume that loan after 15 years and only have 15 years left to pay same price.
Scott: Only certain loans can be assumed and that is probably going to be in the note. So, you would have to check and see. Not all loans are assumable. Conventional loans are not assumable. VA is assumable. I think FHA is assumable.
Alissa: FHA . . . Here’s the main thing many of them aren’t. If you want like Scott says there are some clauses that say that you cannot assume this loan.
Scott: It is called an acceleration clause.
Alissa: Correct. They are going to want you to pay it all up.
Scott: That’s a big thing with those subject to’s. A lot of those late night tv investor scumbag type. This used to be a big scam where people would say sign over the title and we will take over the loan, but realistically if the lender ever found out you would have a foreclosure and this guy would own a home and he’s probably going to collect rent until they come and take it.
Eric: Wow, just another way to scam people .
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