Legal Question in Real Estate Law in North Carolina

Mortage

I would like to know if you can assume a mortage without changing the name of the owner or simply add your name to the mortage if you are the one who is paying the mortage. This is a relative and he moved away and is buying another property and we are living in this home paying the mortage. The home is a year and a couple months old. Our credit is not up to par to traditionally purchase this home , but we are able to pay the mortage. We both are willing to come to any solution that is available to us. We do not want to wait another year for this change. We don't want to start from the begining of a new payment when we have already paid into this investment. Thank you in advance.


Asked on 8/06/07, 10:37 pm

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: Mortage

You cannot assume a mortgage without permission from the Lender. Most loan documents these days say that no one else can assume the mortgage.

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Answered on 8/07/07, 8:16 am


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