Awarded the house but want spouse to assume mortgage...is this possible?
I was awarded our home in the divorce. We did not use attorneys. We wrote an addendum to the settlement agreement stating that I have the right to live in the house and pay the mortgage until July 2014 with the intention of refinancing before then.if I am unable to refinance by that date, my ex will have the right to refinance in his name. I read over the mortgage documents which states that the mortgage is not assumable. First of all, would a lender even look at an assumption application from him if he was not awarded the house?I am living in the house and he has checked with our current lender as well as another, and was told refinancing was not an option. The reason for all of this is that I would like to buy a new house...for a fresh start. Thank you in advance. by Oddbir_611_490 from Jacksonville, Florida. Oct 3rd 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Threes a lot of info missing to properly answer your questions.. Is there equity in the home now or is it negative? Do either of you have the ability to refinance now, sufficient income, reserves, and credit? Is your home eligible for a HARP refinance, or is it a VA or FHA loan? FHA loans are assumable with qualifying, VA loans are also assumable with qualifying, assuming the remaining borrower has VA benefits available to them... conventional loans are not assumable.. However under HARP refinancing, you can remove a borrower from the loan providing the remaining borrower can qualify on their own.. And no equity is required.. I could go on and on, but as you can see, without knowing all the details of your situation, it's hard to answer your question... 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
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
I need some more info. It would be great if you could call me tomorrow to discuss. Are you both currently on the mortgage and title? Why was your ex told he can not refinance? 201-962-3555 Team@BestMortgageOption.com Michelle
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
ONLY a handful of real old loans out there are assumable. I think back in 1992...... so,the idea for you would be to qualify for the refiaance if you are able, and not wait , because if you both are on the note, and joint credit report, and if something happens to him, and he is unable to make other payments, ie, credit cards, cars, etc, you could be running a risk for your self.. or he gets remarried and the new spouse ruins his credit... i guess that i am speaking out of experience !!! if you would like to call me at 602 330 1598 linda or email me at yourloanpartnerforlife@live.com
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