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Joined: Aug 2000
Posts: 818
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Joined: Aug 2000
Posts: 818 |
Wanted to know if anyone has any experience with assuming a mortgage - that is removing their spouse from the deed to the house and the mortgage note? Were you forced to refinance or were you able to simply remove their name from the papers?
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Joined: Jul 2000
Posts: 859
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Joined: Jul 2000
Posts: 859 |
Mike,<P>I can't really help you too much on this one exactly as our mortgage was solely in my name. However, we did have a leased car with both our names on it and the only way to get one or the other off of that was for one of us to buy out the lease early. Well with her credit that was impossible and I didn't want the car so we left it alone. Both our names are still on the lease, but we have covenants in the divorce decree which covers this. I know you wouldn't want to do the same on a house though.<P>If I were a betting man, I would say that a refinance would be required, but that is merely a guess. It may vary by state as well.
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Joined: Jun 2000
Posts: 553
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Joined: Jun 2000
Posts: 553 |
I'm not quite sure, but I think that you would have to refinance and then buy the other person out. Probably best to talk with the company that holds your mortgage and get their advice or maybe ask a loan officer?
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Joined: Jun 2000
Posts: 580
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Joined: Jun 2000
Posts: 580 |
Hi SoTired, I used to work at a mortgage company, and the only way to get one name off is to refinance. We received a lot of "Quit Claims" which lawyers say that remove one party from being responsible, but that's not true. If it came down to late payments and both parties are still on the mortgage, they're both responsible and it will affect both parties credit ratings equally.<P>Assuming a mortgage would be essentially the same thing as refinancing. You would have to qualify on your own and go through the entire application procedure. One more note, not all mortgages are "assumable", so be sure and check with your mortgage company/bank if this is feasible.<P>Hope that helped....
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Joined: Oct 2000
Posts: 244
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Joined: Oct 2000
Posts: 244 |
Quit deeds... <P>Upside- it does release the other party of any liability issues and will "almost" release the liability as far as a credit issue. <P>Downside- Both of you signed the mortgage, you are both still financially responsible. If one party fails to make payments they go after the other.. You (if you were the "other" party that signed over your rights) would have to make the payments, then take ex-spouse back to civil court to regain rights to the property- after you made the back payments of course. If you were unable to make the payments your credit would of course be ruined... Refinance if possible...
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Joined: May 1999
Posts: 1,323
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Joined: May 1999
Posts: 1,323 |
SoTired,<P> I found out I could remove her from the deed by a"re-qualification"on our loan to make sure I could make the payments.At least,that's what my mortgage company told me.But,it cost $900 to do it,so I just re-financed,because the interest rate was lower at the time anyway.Probably the best way to go.Good luck.<P>~~Murph
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Joined: Jun 2000
Posts: 505
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Joined: Jun 2000
Posts: 505 |
Here's another mortgage question:<P>We moved into my mother in law's rental house almost two years ago with the intentions of buying it or refinancing. Well, then all this happened. I am still living there and considering buying it. I have weak credit due to years of "Oh, that was due when? Oh we actually have to mail the checks on time?" said by you know who. There is 10,000 in equity in the place. Anyone know of options?<BR>
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