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Old 05-30-2018, 06:42 AM
 
8 posts, read 2,993 times
Reputation: 18

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Quote:
Originally Posted by LifeIsGood01 View Post
If for any reason you can't do an assumption have you thought of any alternate solutions. Perhaps you can be added as an owner and you pay the mortgage off monthly? This would be of course if there is not a reason your parents have to take the house out of there name such as nursing home care needs that can affect their ownership.

That won't work for us; my parents want the debt out of their name and I want to assume the VA loan. Thanks though.
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Old 05-30-2018, 07:02 AM
 
Location: Blue Ridge Mntns., NC
10,128 posts, read 13,945,126 times
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Quote:
Originally Posted by Rmcreech View Post
The loan is pretty new, December 2016. No, I am not a vet. The assumption package sent to me does indicate that I have to qualify, which I guess I'll be applying to do through the application package. I would love to ask all of these questions of the mortgage company's assumptions department, but no one returns my messages. I have so many questions about the application. I am not a mortgage broker, so it's like a foreign language to me.
The best and only true decision is to go to an attorney who handles r/e closings as suggested above several times. It won't be expensive, and you can be assured of a smooth and legal transaction.
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Old 05-30-2018, 08:21 AM
 
10,218 posts, read 6,355,953 times
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Quote:
Originally Posted by QuilterChick View Post
The best and only true decision is to go to an attorney who handles r/e closings as suggested above several times. It won't be expensive, and you can be assured of a smooth and legal transaction.
What do you mean by not expensive? Are they gonna charge him $100, does he have to pay $350 for every hour they spend going over the paperwork?

I think a title company would be the best. it insures you that no one else can claim title to the home when you buy it or owes any money thru liens and can cost as little as $500, they may be able to help with the paperwork if you can find a good local one.
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Old 05-30-2018, 08:59 AM
 
4,517 posts, read 11,486,402 times
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Quote:
Originally Posted by Rmcreech View Post
The loan is pretty new, December 2016. No, I am not a vet. The assumption package sent to me does indicate that I have to qualify, which I guess I'll be applying to do through the application package. I would love to ask all of these questions of the mortgage company's assumptions department, but no one returns my messages. I have so many questions about the application. I am not a mortgage broker, so it's like a foreign language to me.
Do you know any mortgage lenders, or know anyone who knows a mortgage lender? They would probably be able to decipher and navigate through the paperwork.

What are the first few questions you would have?
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Old 05-30-2018, 09:12 AM
 
908 posts, read 254,969 times
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Quote:
Originally Posted by Rmcreech View Post
The loan is pretty new, December 2016. No, I am not a vet. The assumption package sent to me does indicate that I have to qualify, which I guess I'll be applying to do through the application package. I would love to ask all of these questions of the mortgage company's assumptions department, but no one returns my messages. I have so many questions about the application. I am not a mortgage broker, so it's like a foreign language to me.
I was surprised to find out talking to vets lately that a non-vet can actually assume a vet loan. BUT eligibility benefits go with the loan, so the vet whose loan is assumed no longer has the eligibility. If this means your parents can't buy VA....do they know this? Lots to check out.

I much prefer a local three dimensional person in a situation like this.
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Old 05-30-2018, 10:12 AM
 
Location: Fox Chapel
160 posts, read 50,869 times
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"mortgage loan from my parents. " I would think the bank would love to add another person to the loan but doubt they will remove the debt from your parents as that might increase their risk. Wells Fargo, while awful in many ways, makes assumption a less complicated matter if it's family.
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Old 05-30-2018, 01:53 PM
 
10,218 posts, read 6,355,953 times
Reputation: 10770
Quote:
Originally Posted by Rmcreech View Post
The loan is pretty new, December 2016. No, I am not a vet. The assumption package sent to me does indicate that I have to qualify, which I guess I'll be applying to do through the application package. I would love to ask all of these questions of the mortgage company's assumptions department, but no one returns my messages. I have so many questions about the application. I am not a mortgage broker, so it's like a foreign language to me.
Pretty new? the ink on your parent's paperwork is not even dry.

Anyway there is probably only a year requirement before an assumption, so if they let you go for it.
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Old 05-30-2018, 03:02 PM
 
8 posts, read 2,993 times
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Quote:
Originally Posted by TimtheGuy View Post
Do you know any mortgage lenders, or know anyone who knows a mortgage lender? They would probably be able to decipher and navigate through the paperwork.

What are the first few questions you would have?
Several questions about the details of the transaction, and details about the VA portion if the application, since I am not a vet. They don't apply to me, but it is a VA loan, so I don't know how to respond.
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Old 05-30-2018, 03:04 PM
 
8 posts, read 2,993 times
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Quote:
Originally Posted by petsandgardens View Post
I was surprised to find out talking to vets lately that a non-vet can actually assume a vet loan. BUT eligibility benefits go with the loan, so the vet whose loan is assumed no longer has the eligibility. If this means your parents can't buy VA....do they know this? Lots to check out.

I much prefer a local three dimensional person in a situation like this.
Yes, they know. We discussed the possible loss of the VA entitlement. They are fine with it.
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Old 05-30-2018, 03:54 PM
 
1,136 posts, read 1,394,878 times
Reputation: 1979
OP,


Usually there is a local VA representative who can be contacted by a Veteran regarding anything involving veteran benefits. They can answer questions and go to bat for you getting thru red tape. I know my local paper has a notice every few months about the representative being available at a local coffee shop on a specific date reminding veterans to stop by for coffee and chat if they need any assistance.


If you can't find a contact number for your local VA representative, contact your nearest American Legion to see if they can give you a contact number for a VA representative in your particular state.


They may be able to get thru to the person you need to talk to and get your questions answered.
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