Loan Assumption to Improve Credit Score
Date: Wed, 10/12/2011 - 02:10
Hi, All:
I have asked my bank to add me to our home loan (currently in my wife's name), and they sent me a huge Loan Assumption package. Will this add me to the loan and allow them to begin reporting it in my name as well? The bank has said yes, but I think they are lying. I think they want me to fund a whole new loan. I cannot get a straight answer out of them.
Is this a viable, low-cost way to improve one's credit score? This stack is huge and will take about five hours to fill out. I don't want to go through with it, unless this is a viable plan.
Any advice is appreciated.
Thanks!
I have asked my bank to add me to our home loan (currently in my wife's name), and they sent me a huge Loan Assumption package. Will this add me to the loan and allow them to begin reporting it in my name as well? The bank has said yes, but I think they are lying. I think they want me to fund a whole new loan. I cannot get a straight answer out of them.
Is this a viable, low-cost way to improve one's credit score? This stack is huge and will take about five hours to fill out. I don't want to go through with it, unless this is a viable plan.
Any advice is appreciated.
Thanks!
Loan assumption happens when you take over the seller's mortgage
Loan assumption happens when you take over the seller's mortgage and begin making payments on it. Don't fill out the papers right now. Read through it properly even it takes some time mate. Check out the following page to get some info on this:
"http://michaelbluejay.com/house/assumption.html"
Personally I dont think they have lied to you....they might have
Personally I dont think they have lied to you....they might have misunderstood you. Plus it is very complicated to be added to a mortgage. If you have crappy credit, they wont want to add you as you become a liability.
