Mortgage options?

ajackofallthings · 2024-08-23T22:33:51+00:00

As far as I know, you have to refi in your name only to get her name off and you own it, which means you likely get fucked on the interest rates if you even qualify.

hofner5963 · 2024-08-23T13:41:36+00:00

You’ll have to assume the loan in order to get her name off the loan. Being allowed to assume the loan is at the discretion of the lender; they do not have to allow you to do so. If the do, same rates apply. If you are not permitted to assume the loan, you’ll have to refinance under new rate and terms. In either case, she will have to sign and file a quitclaim to the property. Good luck!

Melodic-Grapefruit-4 · 2024-08-23T03:15:31+00:00

Just sell the damn thing and move on dude. Trust me you’re better off.

Pro-IDGAF · 2024-08-22T20:04:51+00:00

yes. not a problem, i did that. once i paid her, they did a quick claim deed thing or whatever it was called and she was gone.

edit: my house was paid for and i had to re-fi to pay her off. that was when it happened. guess it might be different if you are trying to do that on an existing mortgage.

HereinPA1 · 2024-08-22T12:37:34+00:00

Call your mortgage company today and ask if they will allow an assumption. I’m in the process right now, and it’s a long one.

I had to do financial acrobatics to pay her her portion of the equity, $200k, but with the assumption I keep the rate, don’t have to reset with a new mortgage and have her removed.

If your bank allows the assumption just make sure you have everything buttoned up first to avoid delays; divorce decree in hand, she’s off the deed via quit claim, etc.

Also, if you’re still in the divorce process, make sure it’s in your agreement you have a year to complete the process. My bank said it takes 3-6 months. My lawyer told me he’s had clients that had the process take a year so be patient if you’re able to do it.

pk2at · 2024-08-22T05:23:18+00:00

Definitely not. Divorce has no impact on financial obligations.

stupididiot78 · 2024-08-22T04:44:41+00:00

Nope. Not possible, my friend. It would be great if it were possible. It's not. That's why I'm paying almost 5% more interest right now.

Movieman_Steve · 2024-08-22T03:09:58+00:00

Do you co-own the house with her? If so get ready for some math to make your head spin. I co-own a almost 900 sq ft 2 bed 2 bath house sitting on .1 acre lot with my stbx, I was served the papers for divorce after 20+ yrs of marriage last month. We still owe about $85K after buying the house 18yrs ago, house value is now $332K. So if I wanted to buy her off with a loan to get her name off the mortgage, I would have to get a loan for $208.5K ( $332K - $85K (paying the loan off)= $247K÷2= $123.5K her half profit. $123.5K+$85K= $208.5 (Loan Amount)). and the monthly payment for the buy off loan is $1710.00 per month for 30 YEARS!! And I got that amount of monthly payment from a home loan lender for Veterans. So I don't know if she owns it but the value of the house is what the amount that more mortgage companies are looking at. It almost sounds like you co-own it with her just based on what your questions were.

Icerunner45 · 2024-08-22T02:52:58+00:00

I've been reading about this as well. It looks like it's pretty common to have to refinance with the mortgage company to take her name off the lease.

jimmykoon · 2024-08-22T02:44:53+00:00

Call your mortgage company. Some allow assumptions where that is an option. You might have to work your way up the chain to a manager to know for sure. Some of the first line folks may not know.

Title	Mortgage options?
Author	wsbanontoday
Upvotes	3
Comments	13
Date	August 22, 2024 2:35 AM UTC (1 year ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/1ey8ck0/mortgage_options/
Archive Link	https://theredarchive.com/r/Divorce_Men/mortgage-options.1527975 https://theredarchive.com/post/1527975

Comments