My mortgage is overdue and I'd like to have my daughter assume it is that possible?

She can't come up with 10 percent downpayment and I'd like to keep the house in the family. She is able to make the payments and after reading my mortgage it doesn't appear to be assumable. Also do I need a realtor to handle this?My mortgage is overdue and I'd like to have my daughter assume it is that possible?
A realtor can't help you with this. The mortgage is probably not assumable (very few are). You do have several options. First off she could just pay the bills and you leave the house to her in your will (this requires alot of trust on her part as you could change your will). Also you could give her some sort of contract to give her the house at a later date (a contract to buy later, even a rent to own contract where the rent is the same as the mortgage payment). The problem with all these options (including willing her the property) is that in order for her to take over the house you will need to get a new mortgage. Also, until you get a new mortgage you will be responsible for the current one and it will bring down your ability to by another house or anything else (if you care about this).





Anyhow I don't see how she can take over the house and pull you off it, without refinancing but you can do some other thing to give her possession of it in the future. A realtor would not help with this, to do any contractual stuff you'd need a lawyer.My mortgage is overdue and I'd like to have my daughter assume it is that possible?
only fha or va loans are assumable. I would have your daughter go to either www.fha.com or www.fha.gov to look at the requirements for an fha loan. They only require 3% down and have great first time home buyer programs. the mortgage insurance is being priced differently now, thus if she qualifies, she may not pay as much. Fha is also pretty liberal with credit scores, but your going to have to move quickly if you want her to buy the home, especially if your overdue. A realtor is not necessary in my opinion as you both could appear in front of an attorney, work out a contact and go from there and save the realtor fees. If you have an attorney in the family network, I would start there, hope this helps, feel free to ask questions and good luck
If the mortgage is not assumable, then your daughter will need to obtain financing of her own. If she doesn't have the requisite downpayment, she won't get financing. However, have her check into the assorted government loans (HUD-FHA) to see if she can obtain a lesser downpayment.