Posted on: 02nd Feb, 2010 12:11 pm
Divorced in 07, X got one house/me the other, but his name is still on the loan as I couldn't afford it on my own. Now he has a terminal illness, and 400K in debt. Can his debtors claim my home as his asset and put a lien on it? (awared in the divorce and for tax purposes, with the county, listed in my name only.) And county says no, his debtors can not override a divorce judgement? But bank of america first says I have to do a simple assumption, then two wks later they tell me it has to be a qualifed assumption? So I need to find some reference I can rely on, and make a educated decesion before X becomes unable to sign anything. Thanks in advance.
Hi taz,
If your husband's name is not mentioned on the property deed, then his creditors will not be able to come after this property and place a lien on it. If you want to own the mortgage solely, then you will have to either assume the loan or get it refinanced. As the lender wants you to go for a qualified assumption, then you will have to do so.
Take care.
If your husband's name is not mentioned on the property deed, then his creditors will not be able to come after this property and place a lien on it. If you want to own the mortgage solely, then you will have to either assume the loan or get it refinanced. As the lender wants you to go for a qualified assumption, then you will have to do so.
Take care.