How do I assume a mortgage?

I am 1/2 deed/title owner on a property that I would like to buy. How is equitable buyout determined and can I assume the current mortgage or must I get a new one?
  • June 12 2014 - Jupiter
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Much of what I have read is right. Make sure the loan is assumable first, then make sure you can come to equitable terms with seller, then make sure you can qualify to assume the mortgage (meaning you can afford/qualify for the payments and your credit is strong enough).
  • June 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Equitable buyout depends on a number of factors, including how much each party put into the down payment and mortgage payments, who contributed to maintenance and capital improvements as well as other factors.     If both exactly equal, determine market value and determine how much is owed.  Then you can pay the other party 1/2 the equity. 

Can you assume the loan?  Most loans are not assumable, but if it is, you would have to work with the lender.   Assumptions are not automatic, but the person assuming the loan must qualify with the lender.

  • June 12 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Determining the buyout price can depend on your relationship with the other half ownership.  You could ask a local realty to do a market analysis.  They should be able to give you all a best estimate of current market value.  The cleanest way is often to each hire an appraiser and then meet in the middle.  Contact the current lender for the easiest way to do the new mortgage.  Most often you'll have to qualify on your own and get a new mortgage while retiring the old one.
  • June 12 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Since you are not on the mortgage, you have to assume it and most loans are not assumable. You would need to apply for a loan.
  • June 12 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.