Posted on: 28th Jan, 2010 04:00 pm
i was told that ex debtors can put a lein on my house, since his name is still on the deed. we left it that way as i did not make enough money to refi in my name only. now he has terminal cancer and 400k in debt. i am worried sick that his creditors will come after my home, as his assett. i am hearing i can do a qualifed assumption, or quick assumption (does not release him) or a novation, this is all new and confusing to me and advice as too the best direction to take? time is of essence as he is in the last stages of the cancer. thanks in advance.
hi taz,
is he the only person on the title to the property? are you listed on the loan as a co-borrower or a co-signer? if you are, then the lender can come after you and your assets, if mortgage payments are stopped. but if you are not on the loan, the lender cannot come after you for the mortgage.
in case, your name is on the mortgage and you cannot refinance the loan, you can do a simple assumption to take over the mortgage payments. a novation, does not seem like a possibility, but an assumption definitely is an option for you. talk to the lender and check out if you can assume the mortgage.
is he the only person on the title to the property? are you listed on the loan as a co-borrower or a co-signer? if you are, then the lender can come after you and your assets, if mortgage payments are stopped. but if you are not on the loan, the lender cannot come after you for the mortgage.
in case, your name is on the mortgage and you cannot refinance the loan, you can do a simple assumption to take over the mortgage payments. a novation, does not seem like a possibility, but an assumption definitely is an option for you. talk to the lender and check out if you can assume the mortgage.
I am on the loan, we bought it together in 86. I talked to bank of america, they first told me a simplle assumption at $100., but that would not take his name off, so then, 2 wks later when I called to check on status, they said a qualified assumption w/a 2K+ fee was required.Called the County on Fri, they said I am the only one on the property tax statement, and since I was awarded the home in the divorce, I have nothing to worry about. But I am still worried. Isn't there regulations to look at on this subject?
To,
If you were awarded the home in divorce, you are the legal owner of the property. But the mortgage is still in your husband's name. If you want to take his name off the loan, you will have to do a refinance or a qualified assumption. A refinance will involve a lot of closing costs, etc. A qualified assumption, on the other hand, would be a better option. If the bank is offering a qualified assumption, you can go ahead with it. If you are concerned about your ex-husband's creditors coming after your home, you should not worry because you're now the legal owner of the home.
If you were awarded the home in divorce, you are the legal owner of the property. But the mortgage is still in your husband's name. If you want to take his name off the loan, you will have to do a refinance or a qualified assumption. A refinance will involve a lot of closing costs, etc. A qualified assumption, on the other hand, would be a better option. If the bank is offering a qualified assumption, you can go ahead with it. If you are concerned about your ex-husband's creditors coming after your home, you should not worry because you're now the legal owner of the home.