assumption through a divorce

If the loan is already in your name, and you are awarded the home in a divorce, then nothing has to be done other than changing the deed to your name only.. If you are not on the mortgage and the home was awarded to you in a divorce, then it's up to the lender if they will allow the assumption to take place.. Most will, but some wont.. This question is better directed at your attorney since this is what your paying him for.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

There is too much missing information to properly guide you. If you are not on the loan now and you are not in a community property state, and if the loan does not have an assumption clause, you won't be able to assume the loan, even if you are getting a divorce. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

You may be able to do a Qualified Assumption. Contact your mortgage servicer and inquire. Most importantly, consult with your attorney first!

Conventional loans are not assumable; FHA loans are assumable only to a qualified borrower. I would also follow the advice that has already been provided with regards to speaking with an attorney and concerning who is still on the mortgage/deed after assumption. The best thing to do if you have to qualify to assume the mortgage is to refinance and remove the other party from the mortgage/deed. You wouldn't want to have to worry about a quit claim or having them sign in the future to refinance or sell the home. Kimberly Lawson OH.LO.004495.000 NMLS 5601 T: 888-659-3848