Posted by chris on January 15, 2000 at 22:27:45:
For the assumption you need to see the mortgage detail. If it is assumable/no qualify it’s a cinch.
Otherwise if you go to the bank they will want to do a qualification on you which could result in an increase in the interest rate. This is a formal assumption and the mortgage would be in your name.
If as you say you want to “assume” her payments and keep her name on the mortgage that is different. You would be taking the mortgage subject to. The bank could call the loan due on you. A land trust would be helpful for you if the mortgage has a due on sale clause.
Check her loan paperwork to see what the fine print says pertaining to the due on sale triggering.