Now That I Have A Subject To Property...
And I have been paying the mortgage for more than 5 months, (Props to the Big J$C$L) how do I get the mortage to be in my name?
I called the lender (Assumability Dept) today and told them the property was in a Iand trust. As I was talking with the representative, they stated Illinois Land Trust can only be formed in one state - Illinois. (I tried to be polite as I was laughing.)
I really hope I don't have to refinance in order to get the property out of this gentlemans name. Who else do I need to contact to get this complete.
Tax time is coming up soon, and I want to make sure I get all the tax credits possible.
The quickest, and easiest way to get the mortgage in your name is to refi. Even if you get someone at the current lenders' office that knows anything, by formally assuming the loan, you'll still be basically doing a refi. In most instances, the fees will be comparable. With todays interest rates, you'll likely get a better rate as well.
Roger