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About Tom Burris
Expertise
I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA, Conventional & Subprime Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.

Experience
4 years experience as a Mortgage Broker and as a Mortgage Banker

Education/Credentials
Mortgage Professionals in Texas are required to take many ethics courses and other industry training to satisfy State mandated continuing education requirements.
Site Owner of DallasLoanGuy.com which has lots of free mortgage info for the First Time Homebuyer and Veteran Homebuyer as well.

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > special warranty assumption deed

Real Estate Home Mortgages - special warranty assumption deed

Expert: Tom Burris - 10/22/2009

Question
QUESTION: Will a SPECIAL WARRANTY ASSUMPTION DEED allow me to have complete ownership of the real estate property listed? The home is being deeded into my name through this form but the word "assumption" leads to me to believe I am only assuming the loan but I will not own the property. Please clarify.

ANSWER: You will own the property with a lien by the holder of the promissory note that you assume.
Are you assuming thru a bank? Or is this some private transaction?
If private... Consult a lawyer. If it is thru a bank, this is routine.

---------- FOLLOW-UP ----------

QUESTION: My friends dad estate settled and the house which i live in is her father's. Her attorney filled out 3 forms: 1-Special Warranty Deed > take the house out of the estate into her name 2-Special Warranty Assumption Deed > take the house from her name to my name 3-Deed of Trust to Secure Assumption > stating i am assuming the payments.

The above is how it was explained it to me. I don't know of anything else the attorney is submitting to the county clerks. You mention i will own the property with a lien by the holder of the promissory note..is this an additional document? The attorney also told me there would not be any notification sent to the bank and I should continue to make payments as I have for the past 2 years. Does this sound correct or am I being taken advantage of?

Answer
The deeds will contain lien information.

If the lender doesn't know about this then they may not like it!!
They could call the note due at anytime.
An assumption has to be underwritten by the bank.

Why don't you buy it from the estate? That would be safer.

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here