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Old 05-29-2018, 01:03 PM
 
8 posts, read 2,786 times
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I am trying to complete the required application to assume a VA mortgage loan from my parents. The loan assumption department for the mortgage company finally emailed me the paperwork to complete the assumption application. It took over a month to get this emailed. There is a phone number for the assumption department, but no one ever answers the phone or responds to voicemails. Since I am not experienced in real estate, I have dozens of questions about filling out the application and no agent or customer service representatives I can turn to. Does anyone have a suggestion of where I could turn to for help? Should I look into hiring an agent just to help me with this application (if that's even a thing)?
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Old 05-29-2018, 03:46 PM
 
10,196 posts, read 6,129,840 times
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Quote:
Originally Posted by Rmcreech View Post
I am trying to complete the required application to assume a VA mortgage loan from my parents. The loan assumption department for the mortgage company finally emailed me the paperwork to complete the assumption application. It took over a month to get this emailed. There is a phone number for the assumption department, but no one ever answers the phone or responds to voicemails. Since I am not experienced in real estate, I have dozens of questions about filling out the application and no agent or customer service representatives I can turn to. Does anyone have a suggestion of where I could turn to for help? Should I look into hiring an agent just to help me with this application (if that's even a thing)?
Find out what bank there loan is thru. the VA is not a direct lender, you need approval to assume the loan as far as I know. if it was before March 1 1988.
https://www.valoans.com/articles/va-loan-assumability/

If it's a bank that's local go there and talk to their mortgage department, if not call the headquarters and find out why no one answers and if you can email them questions.

You can call a local real estate office and ask if they offer such a service or know someone who does.

Does the VA itself have a number you can call?

Last edited by LifeIsGood01; 05-29-2018 at 03:58 PM..
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Old 05-29-2018, 03:55 PM
 
8 posts, read 2,786 times
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I know who the lender is. I have their assumption application. I just have no one to help me with it, and lots of questions.
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Old 05-29-2018, 04:02 PM
 
10,196 posts, read 6,129,840 times
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Quote:
Originally Posted by Rmcreech View Post
I know who the lender is. I have their assumption application. I just have no one to help me with it, and lots of questions.
You can ask questions here. http://www.city-data.com/forum/real-...professionals/ You might get answers form regular posters, but if they are in real estate it will say so by their name.

You might be better off going to a real estate office an offering them $100 bucks if it doesn't take 5 hours or too long. Especially if it's compliacated with legaleeze.





Maybe go to a local VA center and ask if they offer help too. Tell them you are trying to help your parents,
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Old 05-29-2018, 04:08 PM
 
Location: Cary, NC
31,021 posts, read 54,291,921 times
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Quote:
Originally Posted by Rmcreech View Post
I know who the lender is. I have their assumption application. I just have no one to help me with it, and lots of questions.
What state are you in?

I would suggest a real estate attorney or a title company.
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Old 05-29-2018, 04:16 PM
 
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I'm in NC
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Old 05-29-2018, 06:25 PM
 
Location: Cary, NC
31,021 posts, read 54,291,921 times
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Originally Posted by Rmcreech View Post
I'm in NC
Get a local real estate attorney who specializes in closings.
It won't be expensive.

Get it right and get all your questions answered.
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Old 05-29-2018, 09:04 PM
 
Location: MID ATLANTIC
7,519 posts, read 17,286,639 times
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More questions....do you know the month and year of the mortgage, when your dad got the loan? Are you also a veteran? Will you be substituting VA entitlement? Rules on assumptions changed thru the years. The date your dad's case # was opened determines which assumption process is followed. The case number is typically assigned 30-45 days prior to loan closing. Almost all current assumptions require the buyer to qualify. But without more info, it's hard to say, we can only guess.
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Old 05-30-2018, 06:32 AM
 
10,196 posts, read 6,129,840 times
Reputation: 10668
Quote:
Originally Posted by Rmcreech View Post
I am trying to complete the required application to assume a VA mortgage loan from my parents. The loan assumption department for the mortgage company finally emailed me the paperwork to complete the assumption application. It took over a month to get this emailed. There is a phone number for the assumption department, but no one ever answers the phone or responds to voicemails. Since I am not experienced in real estate, I have dozens of questions about filling out the application and no agent or customer service representatives I can turn to. Does anyone have a suggestion of where I could turn to for help? Should I look into hiring an agent just to help me with this application (if that's even a thing)?

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.
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Old 05-30-2018, 06:40 AM
 
8 posts, read 2,786 times
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Quote:
Originally Posted by SmartMoney View Post
More questions....do you know the month and year of the mortgage, when your dad got the loan? Are you also a veteran? Will you be substituting VA entitlement? Rules on assumptions changed thru the years. The date your dad's case # was opened determines which assumption process is followed. The case number is typically assigned 30-45 days prior to loan closing. Almost all current assumptions require the buyer to qualify. But without more info, it's hard to say, we can only guess.

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.
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