Posted on: 28th Mar, 2010 10:44 am
I am divorced and need to be taken off my ex-spouse's mortgage loan. I was advised to use a "mortgage assumption agrrement" form and my ex was advised to use a "release of liability form".
What is the difference and which is more financially binding?
What is the best form to get my name off the mortgage so that it doesn't show up on my credit reports?
What is the difference and which is more financially binding?
What is the best form to get my name off the mortgage so that it doesn't show up on my credit reports?
Hi Guest,
You need to check out whether or not the loan is assumable. If the loan is assumable then you can sign the mortgage assumption agreement which will help you in removing your name from the mortgage docs and your husband will become solely liable for the mortgage. Your husband needs to sign the "release of liability form" which will legally release you from the liability of paying the mortgage.
If the loan is not assumable, then your husband needs to refinance the loan in his name in order to release you from the liability to paying the dues.
Thanks
You need to check out whether or not the loan is assumable. If the loan is assumable then you can sign the mortgage assumption agreement which will help you in removing your name from the mortgage docs and your husband will become solely liable for the mortgage. Your husband needs to sign the "release of liability form" which will legally release you from the liability of paying the mortgage.
If the loan is not assumable, then your husband needs to refinance the loan in his name in order to release you from the liability to paying the dues.
Thanks