How do I file an assumption of mortgage form?

Answer 1

You don't. You have talk to the existing mortgage company and be approved in order to assume any mortgage. It isn't legal to just walk in and take over payments.pp

Answer 2

What are you really trying to accomplish. Don't know about other states, but in my state, if you're selling or buying a property subject to the existing mortgage, you have an attorney draft two documents:

a. Assumption Deed
b. Deed of Trust Securing Assumption

Depending on what you're trying to accomplish and what state you're in, there will likely be other forms needed as well.

Answer 3

You will need to file it with the lender who gave it to you. If you are taking over someones loan, you need to qualify for it. The current lender will want all your income, debt and credit information, the same as if you were getting a new loan. About the only reason to do this (instead of getting a new loan) is if the interest rate is really good.

If instead, you can't qualify for a loan, and someone has told you that you can take over their payments, be aware that you are violating the lenders due-on-sale clause. They probably won't do anything as long as the payments are coming in, but doing a "contract for deed" or "lease purchase" carries with it some inherent dangers. In today's dropping market, it might be better to just rent until your credit is better and buy a house in a year or so.

Answer 4

you're able to deduct the pastime paid in 2007 on your 2007 tax return (schedule A - Itemized Deductions) (to be filed in early 2008). you additionally can deduct actual sources taxes, and state and native earnings taxes. final years pastime paid isn't proper. you should pass to a tax preparer next 3 hundred and sixty 5 days. interior the intervening time, to get extra take abode pay - if all 5 little ones dwelling with you or a minimum of 5 which you're allowed to declare on your tax return, have your husband substitute his W-4 exemptions to married - 7 (or married and (2 + although many little ones you could declare)

Answer 5

There is no assumption of mortgage forms as a matter of fact is not legal. How ever, if some one is walking off the property leaving you to pay for it you can have them sign a quit claim deed for the property, I can e-mail u a copy.
That means they can't sell or refinance without your approval.

Answer 6

You dont. Almost all mortgages are not assumable.

The new owner needs to get their own loan.

Answer 7

You have to have agreement between mortgagor and mortgagee.