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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 19023
Experience:  B.A.; M.B.A.; J.D.
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Reside with sibling who currently is nearing end of 5 year

Customer Question

Reside with sibling who currently is nearing end of 5 year stay(Chapter 13 Bankruptcy) Mortgage in arrears. How can I take over deed and mortgage without the hassle of getting new loan?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 10 months ago.

Hello: This is Attorney Phillips. Welcome to Justanswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

Expert:  Phillips Esq. replied 10 months ago.

You have to find out from your sibling whether the mortgage is assumable. If the mortgage can be assumed, then the mortgage company can transfer the mortgage in your name so long as you have good credit and show that you can afford the mortgage. Simultaneously, your sister can convey the deed to you. If the mortgage is not assumable and/or if you do not have good credit, you have to refinance the mortgage.

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Customer: replied 10 months ago.
Hi,Thank you. So would finding out if the loan is "assumable" be the only option? And being that this is currently an active Chapter 13 case(ends in November 2016) would taking this route affect the bankruptcy in anyway?In arrears about 40k, would you have any other suggestions? Sibling has financial struggles and removing her name would give us peace of mind knowing she will not be able to make additional loans against the house as previously done in past. I have been paying her mortgage for the past 2 years. Any advice would be greatful.
Expert:  Phillips Esq. replied 10 months ago.

Hi,

Thank you. So would finding out if the loan is "assumable" be the only option?

Response 1: Yes, apart from refinancing the loan and putting the deed and mortgage in your name.

And being that this is currently an active Chapter 13 case(ends in November 2016) would taking this route affect the bankruptcy in anyway?

Response 2: The assumption would happen after the bankruptcy case has concluded. Otherwise, it would muddy up the bankruptcy case.

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