The mortgage loan is under my name but my mother has been paying can I transfer the full loan to her?
I helped out my parents get a mortgage loan years ago I was in my early twenties with good credit didn't really know what the whole process was and what it meant to have this loan under my name. I just really wanted to help them out without thinking about the consequences it would bring later in life as I got older. So my real question is I have never made any payments on the loan it was my parents who primarily paid for it all these years will the mortgage lender in this case bank of america home loans california transfer the loan over to them since they where paying for it anyways from the beginning? Any advice would be helpful thank you. by gwenyththeresa from New York, New York. May 31st 2011
Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions
Great question- Most loans are not assumable but it all depends upon which type of loan you have and when it was written. My suggestion would be to contact B of A to see if they will allow an assumption. If you want to avoid dealing with B of A all together then I would suggest you choose a mortgage company that you can trust and work with a qualified loan offocer to help you read your existing loan documents. They shoud be able to determin if the loan is assumable or not. Either way your parents would have to fully qualify for a new home loan. STAY AWAY FROM REVERSE MORRTGAGES!
Tom Stevens (Thomas.Stevens)
#21 ranked lender in Massachusetts - 68 contributions
Some loans are transferable, not all. Check your loan documents or check with your lender. Your parents would still need to qualify. If the mortgage is in your name only then your parents must apply for a mortgage. If they are over 62, they may qualify for a reverse mortgage.Tom
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