If I buy my exhusband out, can I retain the existing mortgage in my name only if it is non-assumable?

Question

The property is currently held jointly (with right of survivorship) in both of our names.

Answer 1

Yankee has it right. Regardless of who is on title, the original Trustors (the people who took out the loan) will remain the same and will still be liable for the loan.

You can, however, as a long shot, ask the bank to do a modification of the Deed of Trust and take you're ex's name off. It's rare they'll do that though. They'd rather make money on having you refi.

Answer 2

It's going to depend entirely on two things. First, the law where you live (you haven't said where you are). Secondly the establishment who you have the mortgage with. In my experience from when I bought out my ex-husband, and also when transferring details on the house owned by my husband and his ex-wife, each lender will be slightly different in the way they handle these things.

Generally though, they will probably ask you to do a credit check to prove that you are able to cover the mortgage solely, and providing that is the case, yes, you'll be able to keep it.

Answer 3

Shookie has it close. The quit claim deed is one party qiving up claim to the home to the other. This puts the house in your name on tax reqords. But if the loan on the house is in both names you need to refinance the loan to get his name off, otherwise it still shows up on both parties credit history and if you default, the bank will come after him for repayment of the loan. I am going through this with my ex. She has the house, the deed is now in her name, but the loan is in both our names. She can walk away from the house and screw me financialy.

Answer 4

you will need to file a quick claim deed,so that the courts can make the transfer into your name only. your looking at maybe a couple hundred bucks, and your bank can file for you at no cost, usually,once the deed is prepared.

Answer 5

if the property was obtained on both peoples credit history,you'll have to requalify.

Answer 6

yes