Updated over 10 years ago on . Most recent reply
Assumption/ other options
Hi I was interested in knowing if you can help me in my situation below.
My wife and I are currently living with my in laws. They had a loan modification about 3 years ago. They are no longer able to make their mortgage payments. I have no problem taking over the payments. Chase did offer an assumption package, however, it doesn’t state the loan amount. I called Chase a few times and I was given different principal amounts that were owed. Some said $350k and others said $497k. For the $350k I know I would be able to qualify (taking over the assumption package). However, if the amount is $497K I know I won’t qualify. I have two questions: 1. How would I determine the principal amount?
2. If in fact it is, $497k I have no problem leaving the modification as is, however, my fear is if 8 years from now when they retire or if something happens to them, I don’t want the bank to come later on and say I have to move out. Is there such a thing to be added into the loan or what other options do we have?