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AMO0624 · Mar 25, 2008, 04:03 PM

I currently rent my uncle's house. My uncle recently passed away. The house is in the process of foreclosure. The mortgage has not been paid for a few months. I did not know this until I got served papers from the lawyers office on foreclosure. The ex-wife does not want the house what so ever. She wants her name of the loan. I am very interested in purchasing the house. I do not want to lose the opportunity to buy it. What can I do so that I can stay with the house? If the ex-wife is willing to pass the house to me can I do a transfer of deed and refinance? Basically, I do not want to be responsible for the unpaid mortgages. Please let me know what I can do I'm desperate.:confused:

Katiegirlisme · Mar 25, 2008, 04:34 PM

She can't just take her name off a loan. Has the foreclosure been filed?

There may be a possibility that you can assume her loan but only the loan company will be able to answer that question. My suggestion would be to talk to the loan company together. They will not speak to you alone without her approval.

No matter what, though, the back payments will have to be paid and if you really want the house, it's likely that it will be you who will be paying them. However, if you are able to assume her loan it might be well-worth it, right? After you speak to the loan company, depending on what they say... I'm not familiar with assuming loans.

It may also be as simple as this: you pay the back payments in return (or at the same time) she quit claims you onto the title (meaning that both of you will own the home). Then, you can apply for a loan on the home - you will get this new loan in your name only and when it comes time for you to sign loan documents, she will quit-claim off the title and when the loan closes, you will be the sole owner of this home and the new loan will be in your name only.

Good luck.

JudyKayTee · Mar 25, 2008, 06:26 PM

Originally Posted by AMO0624

I currently rent my uncle's house. My uncle recently passed away. The house is in the process of foreclosure. The mortgage has not been paid for a few months. I did not know this until I got served papers from the lawyers office on foreclosure. The ex-wife does not want the house what so ever. She wants her name of the loan. I am very interested in purchasing the house. I do not want to lose the opportunity to buy it. What can I do so that I can stay with the house? If the ex-wife is willing to pass the house to me can I do a transfer of deed and refinance? Basically, I do not want to be responsible for the unpaid mortgages. Please let me know what I can do I'm desperate.:confused:

What is the status of your Uncle's estate?

Fr_Chuck · Mar 25, 2008, 07:09 PM

First you mentioned you did not want to be responsible for the unpaid mortages, so unless you want to pay them off, they house will foreclose and go back. If you can borrow the money to pay off all of the mortages, you can buy the home from his widow at what is owed on the property if she will do that. But that is the only way, unless you allow it to foreclose and then buy it from the bank.

JudyKayTee · Mar 26, 2008, 06:41 AM

[QUOTE=Katiegirlisme]She can't just take her name off a loan. Has the foreclosure been filed?

There may be a possibility that you can assume her loan but only the loan company will be able to answer that question. My suggestion would be to talk to the loan company together. They will not speak to you alone without her approval.

No matter what, though, the back payments will have to be paid and if you really want the house, it's likely that it will be you who will be paying them. However, if you are able to assume her loan it might be well-worth it, right? After you speak to the loan company, depending on what they say... I'm not familiar with assuming loans.

It may also be as simple as this: you pay the back payments in return (or at the same time) she quit claims you onto the title (meaning that both of you will own the home). Then, you can apply for a loan on the home - you will get this new loan in your name only and when it comes time for you to sign loan documents, she will quit-claim off the title and when the loan closes, you will be the sole owner of this home and the new loan will be in your name only.

I do not believe you can assume a loan on real estate - you will most probably have to refinance IF you can somehow pull the property out of foreclosure.

And your Uncle's Estate will have a say in all of this.

ScottGem · Mar 26, 2008, 07:01 AM

Some mortgages are assignable. So that would be the first thing I would check. The mortgage holder may be willing to assign the mortgage to you if you bring the loan up to date. Basically, you pay the arrears and the ex-wife quit claims the property to you and the mortgage holder assigns the mortgage to you. Consider the arrears your down payment.

If you can't assign the loan then you will need to get your own financing. You do not have to be an owner to do get a loan commitment. You will need to talk to the ex wife and see how much she wants to get out of the deal. Then you need to get a loan to cover the outstanding balance of the mortgage (which will include the arrerars and fees) plus whatever the ex-wife wants.

As Chuck noted, no way do you get out of paying the arrears. If the mortgage is not bought up to date or the balance paid in full, then the foreclosure goes through.

But, mortgage holders do not want to foreclose if it can be avoided. If someone is ready to step forward, bring the loan up to data and assume responsibility for it, that works to their advantage. So talk to the ex-wife, find out want she wants out of the deal (remembers she gets nothing if they foreclose) and then talk to the mortgage holders.