How can I take over mortgage?

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I am currently renting out my uncles house for twice the mortgage. He has refinance loan for 20 grand. He plans to will the house to me but I’d prefer to just buy him out for what he owes now. The main reason are to remodel his house which is still 1960’s and to pay off debt with a equity loan.

The main problem I have is that I have bad credit and getting such a small mortgage seems hard with good credit. Is there anyway that I we can get the small amount out of his name and into mine so I can own the home?


  1. Reply
    May 19, 2011 at 9:19 am

    No. You can’t take over a mortgage directly. When people say that, what they are really doing is getting their own loan to pay off the original mortgage in a sale.

    Twice the mortgage is a very high rate. More than 1.2 times the mortgage is considered high rent.

    Your uncle may be able to sell you the house and cosign a new loan with you.

  2. Reply
    Lisa L
    May 19, 2011 at 9:39 am


  3. Reply
    Diane McLellan
    May 19, 2011 at 10:27 am

    You’ll need to find out if his loan is assumable. Are you sure it’s a refinance loan? I would have him call the mortgage company to see if it is assumable (there should also be a clause in his loan paperwork). If not, then you’ll need to either take out a loan and purchase the home, or take out a personal loan since it is a small amount and pay off his mortgage.

  4. Reply
    J House
    May 19, 2011 at 10:35 am

    You COULD take over the debt(the loan) if your credit is bad. He would then deed the house to you while the existing loan stays in place. Not legal advise, but options to take control of the property and get the home in your name while you clean up credit and get your own loan later down the line.

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