We are renting a house and the owner needs out of the mortgage. Can the bank transfer the loan to us?

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We were denied a home loan from the bank due to debts we are paying down. The home owners just need out of the mortgage and would like us to take over the loan. The house is worth 329,000 and they only owe 228,000. Would a bank transfer what is owed on the loan?

  1. Reply
    January 20, 2011 at 8:29 pm

    You were denied a home loan because you are renting the house not buying it. Home loans are for people who want to buy a home not for paying off debts. It sounds like the owner is a fraud. Don’t rent the house from someone who hasn’t paid the mortgage or at least has a hard time paying the mortgage.

  2. Reply
    January 20, 2011 at 9:25 pm

    bhhaaha what kind of pot are u on???
    wake up. this is reality.
    the bank will not do shit. forget it.

  3. Reply
    January 20, 2011 at 9:32 pm

    Doubtful. If you didn’t qualify for the loan already, why would they let you assume a mortgage you still don’t qualify for? Have you checked the economy lately? One big reason is because the banks WERE giving loans to people that could not afford to pay them.

    Why wouldn’t the owner sell the house? Something doesn’t make sense. If they were to just transfer the mortgage to you, they would essentially be giving you over $ 100k for free, as you could turn around and sell the house for the true market value.

  4. Reply
    January 20, 2011 at 10:24 pm

    No. Mortgages in the US are generally not transferable. The only ones that are are VA loans that can be transferred to other Veterans. besides, why would the current owners give you a house that is worth $ 329K for only $ 228K?

  5. Reply
    January 20, 2011 at 11:12 pm

    the bank will use the same process as they use on you when you tried to get a mortgage so if you didn’t qualify be fore you won’t now. But what the owner can do is sale to you on a land contract if that is allowed in your state. He would still be responsible for the mortgage but you would be responsible to him.

  6. Reply
    Ryan M
    January 21, 2011 at 12:08 am

    No, they will not do a simple transfer. You will have to apply for a mortgage just like any other home purchase. THEIR mortgage was based on THEIR situation. If your credit is worse than their or you make less money, you are not entitled to the same terms.

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