Mortgage #1. Say a parent passes away and they have a mortgage that you cant really swing. Plan would be to sell the house but in dealing with a will, cleanout, prep, listing, contract, and closing, fastest that happens is maybe 4-5 months. Will the mortgage company allow a forbearance until it is sold? If not, do you just stop paying knowing you'll get it sold before it can be foreclosed on? Current owner lives off of pension incomes that will go away at death and has no cash assets to pay off the mortgage at death.
Mortgage #2. They own a great rent house. It was originally an owner occupant loan. 30 year, low interest rate. The type of loan you'd love to keep. Will the bank typically allow you to assume this loan? If not, could you just keep paying it and not inform them?
Mortgage #2. They own a great rent house. It was originally an owner occupant loan. 30 year, low interest rate. The type of loan you'd love to keep. Will the bank typically allow you to assume this loan? If not, could you just keep paying it and not inform them?