Posted on: 21st Apr, 2008 12:29 pm
I own and live in a home that I purchased with my, then girlfriend. We have since broken up and I would like to buy her out, remove her name from the deed, loan, and insurance and do a simple assumption. Does this release her from her mortgage responsibility?
hi james,
welcome to forums.
if you do a simple assumption, you will be able to release the other person from the loan. but an assumption is associated with buying the property and along with it taking responsibility of the loan. but in this situation, you are simply buying out the other person, so it's not assumption. either you'll have to refinance or do a novation.
check out for more on how to release one from the loan .
thanks
welcome to forums.
if you do a simple assumption, you will be able to release the other person from the loan. but an assumption is associated with buying the property and along with it taking responsibility of the loan. but in this situation, you are simply buying out the other person, so it's not assumption. either you'll have to refinance or do a novation.
check out for more on how to release one from the loan .
thanks
To remove your girlfriend from the title, you need to make her sign on a quitclaim deed (not a grant deed because there's a loan on the home) and transfer the property-interest over to you. And for the transfer of the loan, probably you'd have to refinance.
once a person signs a loan note, that signature is valid until the loan is paid in full - unless a lender finds it worthwhile to release the person from responsibility.
my own experience in this area indicates this to be a rarity; but from the postings i have seen on here, it would seem to much more prevalent than i had thought.
my own experience in this area indicates this to be a rarity; but from the postings i have seen on here, it would seem to much more prevalent than i had thought.
Thank you All! It is forums like this that make it easier to speak about situations that we are not familar with! It sounds like I should look into the novation formailty with my mortgage company first. It does seem odd though that when I called them, they led me down the simple assumption road first.
Welcome back James.
Yeah indeed it's strange! I don't understand why the lender recommended an assumption when it's totally associated with home buying or selling. I think novation is a better option and you can discuss it with your lender. However, chances are, he'll ask fo a refinance as it's a popular option compared to novation.
Thanks.
Yeah indeed it's strange! I don't understand why the lender recommended an assumption when it's totally associated with home buying or selling. I think novation is a better option and you can discuss it with your lender. However, chances are, he'll ask fo a refinance as it's a popular option compared to novation.
Thanks.
husband and i did a simple assumption to put me on our home loan, now he died, they say i', not on deed, what do i do
Welcomer Judy,
It's sad to hear of your husband's death. Let god help you move on with life.
Coming to your query, since you have been on the loan, the lender would obviously ask you to repay. As for the property title, well, is that in your husband's name? if that is so, has he done a Will or so? if there's no Will, you can remove the husband's name from property by means of affidavit of heirship.
It's sad to hear of your husband's death. Let god help you move on with life.
Coming to your query, since you have been on the loan, the lender would obviously ask you to repay. As for the property title, well, is that in your husband's name? if that is so, has he done a Will or so? if there's no Will, you can remove the husband's name from property by means of affidavit of heirship.