Posted on: 15th Jan, 2010 11:08 pm
my soon to be ex-husband abandoned the residence we were purchasing, we purchaesed the property in 2008, he bailed 8 or 9 mths later. we have no communication, i don't know his where bouts, i've made all payments since he left, he's been gone almost a year; it's clear that he wants nothing to do with the property. i want to remove him from the loan, but i'm unable to refinance.....what can i do? i've gotten a assumptions packet from the mortgage company, but it's greek to me.
Hi Candy,
Refinance is the best way to remove a borrower from a mortgage loan. But since you cannot refinance, you can do a simple assumption and take your ex-husband off the loan. Not many lenders will allow you to take your ex off the loan through an assumption. But if your lender agrees to do that, you should go ahead with the assumption.
If you have any doubts regarding the assumption packet you have received, you should contact your lender. Talk to the lender and ask him if you can remove your ex through the assumption and what documents you need to sign. However, before you assume the mortgage liability, you should remember that you cannot take your ex off the property title through the assumption. If he is on the title, you cannot remove his name from there until he signs over his ownership to you.
Refinance is the best way to remove a borrower from a mortgage loan. But since you cannot refinance, you can do a simple assumption and take your ex-husband off the loan. Not many lenders will allow you to take your ex off the loan through an assumption. But if your lender agrees to do that, you should go ahead with the assumption.
If you have any doubts regarding the assumption packet you have received, you should contact your lender. Talk to the lender and ask him if you can remove your ex through the assumption and what documents you need to sign. However, before you assume the mortgage liability, you should remember that you cannot take your ex off the property title through the assumption. If he is on the title, you cannot remove his name from there until he signs over his ownership to you.
>>I want to remove him from the loan, but i'm unable to refinance
Your goal should be to remove him from Title, not the Mortgage. Since he's not around anymore you're going to have to use the legal system to remove him from Title. That can get expensive, so I recommend signing up with Pre-paid Legal Services first, then use their Attorney to accomplish your goal. That's the most cost effective way of doing it.
Your goal should be to remove him from Title, not the Mortgage. Since he's not around anymore you're going to have to use the legal system to remove him from Title. That can get expensive, so I recommend signing up with Pre-paid Legal Services first, then use their Attorney to accomplish your goal. That's the most cost effective way of doing it.
