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If a relative assumes my mortgage on my home, if they default on loan, am I responsible?
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If you have an assumable loan, basically the loan switches over to their name, so no.
If you’re keeping the mortgage in your name and letting them make payments, then yes.
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LikeDislikeNot if they legally assumed the mortgage, and had the mortgage recorded in their name at the town or city hall.
(Most mortgage companies do not allow a loan to assumed these days).
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LikeDislikeToo many variables. Did they actually go back to the mortgage company and sign papers assuming it; or did they just take on the payment book for you. Did you do a deed of assumption at the time putting them in title?
Worst case scenario; you are about to be evicted in a foreclsoure proceeding. Best case; you are back paying for the house you own again; or something inbetween
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LikeDislikeIf they just live there and pay your mortgage I would guess yes but if they buy it from you then it is now there mortgage and there problem.
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LikeDislikeNo, your name is removed when they assume it. There are very few assumable loans out there, you may want to verify that you can have someone assume yours before you worry about it too much.
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LikeDislikeWRONG.
Some loans like FHA and VA loans do allow others to assume loans. However, you can still be responsible for them if the loan defaults.
Read the loan papers.
Why would you want to have them assume the mortgage. The only reasons is that the interest rate is low on the mortgage or that they have bad credit.
If they have bad credit, why would you “loan” them money?
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LikeDislikeIf you are using the terminology correct, then no. But if you let them assume without the banks permission, then yes. As a matter of fact, if you let anyone live in the home and give them title, they can call the loan in full.
Be careful.
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