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What qualifications do I need to go through to assume a step parent's mortgage?

After renting I moved in with my parents to help them with their mortgage. They are currently in the process of a divorce and are not financially able to continue to pay mortgage. I would like to assume the mortgage but have a less than 600 Fico score. Ran my credit reports and collections for medical bills and a credit card judgement from 6 1/2 years ago exist. No late payments and have multiple credit cards as well as a car note (2 more years on car loan). My revolving debt is $5,883 plus $12,000 left on car note. I am at $52,000 year. Would assumption be possible? What are other options?
  • January 12 2014 - Catasauqua
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Answers (2)

First thing is you would have to qualify for their mortgage.  First obstacle would be your personal credit score.  I'm not sure where you received those scores from but you will need a lender to pull your current credit report.  If you need some assistance with this process I'll be willing to help you out but I would need your participation.  Please contact me through my profile. 
  • January 13 2014
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An assumption depends on what type of loan your parents currently have. They need to contact their lender to see whether it's assumable and also what their guidelines are for doing so.
  • January 12 2014
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