Can I take over a mortgage with bad credit?
Help! My husband and I are renting a home and we are totally in love with it. The owner of the home is anxious to sell it but we have really bad credit (low 500′s). He mentioned maybe the bank just removing his name from the mortgage and putting ours on it. Is this possible? Can a bank do this? He says he has a really good relationship with the bank. Is this called “assuming the mortgage/loan”? Thanks!!
Tags: Bad Credit, credit, Credit Help, Good Relationship, love, mortgage, Mortgage Help, Mortgage Loan, over, Renting A Home, Take
2 Comments at "Can I take over a mortgage with bad credit?"
You may end up with a high interest rate especially if you have had a bankruptcy. You might inquire FIRST about this and maybe think of refinancing down the road. I would mention owner financing with the current owner but it sounds like he currently has a mortgage.
If the bank will allow you to assume the mortgage when you buy the house, that might be great. I’d be doubtful that the bank would approve that given your credit history, but if it does, go for it.