Assuming an exsisting loan on property.

[schristian]

What is the name of your state? Ohio
I have a family member (my neice)who is in a house that belongs to her boyfriends father/mother. The mother is now deceased, and the father just wants his name off of the loan. My neice can get a 1st, but she has been paying this loan for 2 years. There is only 10 years left on this mortgage, so she doesn't want to take another loan for 30 years. What are the options for assuming this loan or at least getting on a deed... to ensure that she has some recourse if something happens. She has personally put a lot of money into this house for home improvements. The father said he would never take the house from her, but what if something were to happen to him?
Any help would be greatly appreciated!

 

[nextwife]

I have a family member (my neice)who is in a house that belongs to her boyfriends father/mother. The mother is now deceased, and the father just wants his name off of the loan.

The father must first become full owner of this property before he has the abilty to convey it.

That means that the deceased mom's interest must be dealt with in accordance with either her will or the tenancy, depending upon how title is held between the dad and late mom. Whomever is legally entitle to mom's share must also transfer the property to your neice.

My neice can get a 1st, but she has been paying this loan for 2 years. There is only 10 years left on this mortgage, so she doesn't want to take another loan for 30 years. What are the options for assuming this loan or at least getting on a deed... to ensure that she has some recourse if something happens. She has personally put a lot of money into this house for home improvements.

She needs to get a purchase completed. The current lender may or may not allow an assumption. She needs to obtain a copy of the mortgage (she can get this from the public record, maybe even online) and read it to determine if there is assumablity or a due on transfer clause.

If she needs to get a new loan, she may wish to look into a seven to ten year loan. A bank here, for example is offering a no point, no app fee, low total closing cost fixed rate 7 year loan at an APR of 4.875% for higher equity borrowers. A couple local credit unions also have very low cost shorter term mortages available.