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  1. #1

    Default Refinance or Assume Mortgage

    My question involves real estate located in the State of: North Carolina

    My brother and ex gf have two mortgages on a property
    He wants complete ownership.
    Should he assume the mortgages or refinance them into one?

    Its an 80/20 loan a broker obtained for him.

    80 was 201,000

    20 was 24,000

    and 20,000 was put down totaling 245,000.

    Problem 1
    He wants out and to refinance, he needs to first consolidate. Is this possible due to the 80/20?

    Problem 2
    The property won't appraise for the full 245,000 they think around 218,000 and this is a problem for the refinance.

    Problem 3
    The bank with the 201,000 says he can assume but they don't know about the 24,000 loan from the other bank, at least not now...they will when he sends his info in to assume the mortgage.

    So should he assume both mortgages?

    Thank you

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Refinance or Assume Mortgage

    You need to clarify your post.

    No mortgage written in the USA from any bank is "assumeable".

    Mortgages written prior to 1986 are assumeable if they where FHA or VA loans.

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