Looking for mortgage modification advice (please)

berzerker5000 · 2024-01-03T18:18:24+00:00

I looked into this. You can do a loan assumption on an FHA or VA loan but not a traditional mortgage. Only option is for her to refinance at today’s rates but she has to qualify on her own or have someone co-sign for her. In my case we had two homes and agreed to sell both. Still trying to sell one of them she is living in so I’m still on the hook with the mortgage company. I been trying to get her to buy me out and refi so I can walk away but she wants to sell and buy a smaller house.

LeaveAlternative7167 · 2024-01-03T17:21:21+00:00

I believe you will need to refinance in one name not two. When you applied for the mortgage, it was based on two people not one. They will need to reevaluate current circumstances, especially since you are getting divorced.

Gattsama · 2024-01-03T11:32:28+00:00

You are asking about an assumption loan. This is a new loan. You have to apply and be approved, and it has to be offered by either your current institution or a new 3rd party. You pay the fees and closing costs (closing costs can not be rolled into the new loan). You keep the current interest rate and time paid.

The other choice is to refinance. This is a new loan. You need to apply and be approved. Plus pay fees. Closing costs can be rolled into the new loan if you choose. You will get a. Ew interest rate and the payment clock goes back to zero.

There is NO way to remove a name from the loan without getting a new loan. If you can not get an assumption loan or don't want to refinance, the home will be sold.

RevolutionaryLaw8854 · 2024-01-03T07:29:42+00:00

Bro. It ain’t happening.

Getting rid of your wife means getting rid of everything - mortgage included.

Here’s what will need to happen. You’ll file a quit claim deed and she’s off the title of the house. She could (but if she has a brain she won’t) stay in the mortgage and you would keep paying as usual. But- she’s not going to (correctly) allow that to happen.

So- you’ll have to refi the remaining balance. You’ll be getting a new mortgage.

godolphinarabian · 2024-01-03T04:34:18+00:00

If it’s conventional they usually won’t let you assume it because there’s no benefit to them. They know you want to keep the house and refinancing at higher rates makes them more money. If they won’t let you assume at least give them the middle finger and refinance with a different bank.

New-Amoeba9042 · 2024-01-03T04:23:03+00:00

Is it FHA or VA? Those can be assumed.

Otherwise, you have to ask a lender to remove someone from a loan and they probably don’t care about it. You would have to qualify for the loan by yourself, so for the lender, it’s basically like doing all of the work of a refinance without making any money. And they make money off the loan itself, not what ever ‘origination’ fee they tack on for extra profit.

But maybe your lender is a good one, it can’t hurt to call them and ask

Title	Looking for mortgage modification advice (please)
Author	Dr_Venkman_
Upvotes	6
Comments	12
Date	January 3, 2024 4:03 AM UTC (2 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/18x9wi3/looking_for_mortgage_modification_advice_please/
Archive Link	https://theredarchive.com/r/Divorce_Men/looking-for-mortgage-modification-advice-please.1242133 https://theredarchive.com/post/1242133

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