Posted on: 27th Jul, 2007 02:58 am
my wife and i are getting divorced. we have agreed that i would keep the house. my girl friend would like to buy her interest out. is there a way to do this without having to refinance as we have a very good interest rate at this time and would like to avoid ending up with a higher rate plus the additional refinancing fees? we are in washington state. from the reading i have been doing, i am concerned that any kind of transfer may be cause for the lender to call the total amount of the loan due. any suggestions?
Hi Hoferfam,
Apart from refinance one option that is available sometimes is called as assumption. But your mortgage should have the assumption clause for someone to assume the payments without the need to refinance. You should check your mortgage documents to know if such a clause exists for your mortgage or not.
Apart from refinance one option that is available sometimes is called as assumption. But your mortgage should have the assumption clause for someone to assume the payments without the need to refinance. You should check your mortgage documents to know if such a clause exists for your mortgage or not.
"My wife and I are getting divorced. We have agreed that I would keep the house. My girl friend would like to buy her interest out. Is there a way to do this without having to refinance as we have a very good interest rate at this time and would like to avoid ending up with a higher rate plus the additional refinancing fees? We are in Washington state. From the reading I have been doing, I am concerned that any kind of transfer may be cause for the lender to call the total amount of the loan due. Any suggestions?"
Lender can ask for the mortgage to be refinanced by you and your girlfriend as ownership will be different from what it was at the time mortgage was taken.
But ask lender about it first to know if it can be possible to continue the mortgage without refinancing it even after title transfer.
Miller
Lender can ask for the mortgage to be refinanced by you and your girlfriend as ownership will be different from what it was at the time mortgage was taken.
But ask lender about it first to know if it can be possible to continue the mortgage without refinancing it even after title transfer.
Miller
You will need to refinance. I don't see any other option apart from it. However if you don't inform the lender about it then it is a different thing. But lender will require immediate payoff if he comes to know about the transfer at a later date.