can a family member assume a mortgage

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Can a family member "assume" my mortgage then use it as a rental property? The bank said it has to be owner occupied and insured. ANYWAY Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

 · If a lender does not allow assumption, popular alternatives include modifying your loan or refinancing it. There is also an option that is known as a portable mortgage. Instead of moving the mortgage from yourself to a family member, a portable mortgage transfers a single mortgage between two properties.

If your loan is assumable, this means that your loan can be transferred from you to your family member without needing to alter the current loan. The lender where you obtained the original mortgage will have to approve the shift in the name, checking your family member to see if they have good credit, employment, and other factors.

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How Easy Is it to Assume a Mortgage? | Pocketsense – Cosigning can be a useful process for people who want to relieve mortgage debt for a friend or family member but cannot assume a mortgage. Cosigning puts two people on the mortgage contract so that the borrower with better credit can reduce the risk for the lender and make the loan possible.

Higher Standards Imposed on Mortgage Lenders – Estate Planning. – The death of a family member may bring a plethora of emotions, during this period, mortgage payments and taxes can continue to accrue and accumulate.. (7) Eligibility of the successor in interest to assume the mortgage.

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