I want to assume my parent's mortgage on a home within the next few months?

My parents are about 16 years into a 30 year mortgage on our house when we lived in NY. I am in school in NC and would like to take on their mortgage and live in that house since I will be back working. How can we do this? I basically want them to transfer the remaining balance that needs to be paid off int my name and I will pay the monthly payments. What are the costs, time specifications, and pitfalls with doing this? Is there a better alternative?





Thanks!I want to assume my parent's mortgage on a home within the next few months?
I don't know the costs in the states. But here in Canada, all you would need to do is go to your parents lawyer to get the deed signed over into your name, then go to the bank. Depends what bank it is with, they may check your credit rating before approving.


Costs would be whatever the legal fees are....I have no clue what they are down there.

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