Can my sister sign off or over ? - Posted by chuck

import · June 30, 2003, 7:05am

Posted by Chuck on June 30, 2003 at 21:28:48:

Thanks Ed !

import · June 30, 2003, 7:05am

Posted by chuck on June 30, 2003 at 07:05:35:

Sis has great credit rating. 798. We are both retired. She will buy a rental home, and I’ll rent from her. She has cash, and I don’t right now. A year down the line when I’m in better shape can she just sign the loan over to me without my going thru the qualifying ? How can this be structured to get her name off the mortgage, and leave me quite willingly holding the bag ?

import · June 30, 2003, 10:01am

Re: Can my sister sign off or over ? - Posted by Ed Garcia

Posted by Ed Garcia on June 30, 2003 at 10:01:49:

Chuck,

Unfortunately once your sister obtains a loan, it?s hers. She can?t just indiscriminately allow anyone she wants to assume her loan, assume it.

If the loan is assumable such as FHA loans, the new borrower has to be approved by the lender.

Ed Garcia