Posted on: 25th Jun, 2010 08:22 pm
I received a residential property mortgage in my name only BEFORE I was married. I was married shortly thereafter, but never had my husband's name added to the mortgage.
I bought the house for $74K. We have lived here for 7 years. I have approx. $65K left on the note. We are planning a divorce and I want to leave the propery. My husband has agreed and is able to assume the mortgage.
Of the $74K, $15K of it was financed using a USDA 0% interest loan.
I've contacted the mortgage lender and they said they would send me some forms and information.
A couple questions...
What issues should I expect in processing an assumed mortgage in my situation?
Is is possible for the USDA portion of the loan to be assumed also?
Should I wait until the divorce is final?
I bought the house for $74K. We have lived here for 7 years. I have approx. $65K left on the note. We are planning a divorce and I want to leave the propery. My husband has agreed and is able to assume the mortgage.
Of the $74K, $15K of it was financed using a USDA 0% interest loan.
I've contacted the mortgage lender and they said they would send me some forms and information.
A couple questions...
What issues should I expect in processing an assumed mortgage in my situation?
Is is possible for the USDA portion of the loan to be assumed also?
Should I wait until the divorce is final?
Hi sport,
If your husband has the required credit score and income and satisfies the required criteria of the lender, he won't face any issues in getting the mortgage. As far as the USDA loan is concerned, you and your husband should get in touch with the lender and negotiate for an assumption. The lender will let your husband know whether or not he would be able to assume the loan. You can wait until your divorce is final and then ask your husband to assume the loans.
Thanks
If your husband has the required credit score and income and satisfies the required criteria of the lender, he won't face any issues in getting the mortgage. As far as the USDA loan is concerned, you and your husband should get in touch with the lender and negotiate for an assumption. The lender will let your husband know whether or not he would be able to assume the loan. You can wait until your divorce is final and then ask your husband to assume the loans.
Thanks
I appreciate your timely response.