Posted on: 11th Jan, 2010 11:32 am
my situation is very similar to one that has been posted. the one difference is that my ex has already filed chapter 13 and we have a joint mortgage. the bankruptcy information that i received tells me that a stay will be removed when i re-finance. i discovered that i may be able to assume the mortgage after paying a non-refundable fee of $500.00. even though i have great credit, this non-refundable fee makes me feel that i may not be able to assume the mortgage for some reason and that i will simply lose the money. i have two questions. the first is how safe is it to assume a mortgage? i have paid it faithfully since the house was purchased in july of 2008. the second question is what effect will my ex-wife's bankruptcy have on my credit after i either refinance of assume the mortgage?
Hi ws!
Welcome to forums!
It is safe to assume a mortgage provided if you are able to pay off the home loan. Once you assume the loan, you'll be solely responsible for it. Thus, if you default the payments, the lender will come after you to recover the dues.
As you're not filing the bankruptcy jointly, your credit score will not be ruined due to your ex-wife's bankruptcy filing. It may be just mentioned in your credit report that the mortgage was included in another person's bankruptcy filing.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is safe to assume a mortgage provided if you are able to pay off the home loan. Once you assume the loan, you'll be solely responsible for it. Thus, if you default the payments, the lender will come after you to recover the dues.
As you're not filing the bankruptcy jointly, your credit score will not be ruined due to your ex-wife's bankruptcy filing. It may be just mentioned in your credit report that the mortgage was included in another person's bankruptcy filing.
Feel free to ask if you've further queries.
Sussane
Thank you so much, Sussane. I am so relieved and so grateful to be able to get paid to receive professional advice. This forum is absolutely fascinating. Thanks again.
You're most welcome, ws! :)