Willa,
It seems that she would need to buy out the original note holder for his remaining 29K. This can be accomplished on a straight purchase where he will get his 29K at closing and your mom should be able to get some cash from equity at the same time. It’s touchy who pays for the back end fees, but I would negotiate them with the seller. All of this is assuming the seller wants to sell. You may want to spend a few bucks seeking qualified legal advice from an attorney in RE field.
Good Luck,
Cynthia cynthia@eloandealer.com
my mom purchased a home with an assumable loan, the original loan was purchased sometime in 1985, the problem is the loan is still in the original buyers name but deed and everything else is in her name,she has made payments on loan since 1992, she only owes 29000 original loan was 59000
she now want to refinance the house but was told that she could’nt because the loan is not in her name, can she have the loan put in her name without the lender calling the loan due she is on a fixed income but she can afford the payments and has made every payment on time, will she have to qualify for the remaing loan ?