Posted on: 07th Sep, 2008 08:12 pm
my fiance bought a house with the intention of living in it with me and my children when we got married. however, the wedding was called off. my children and i are living in the house but my ex has moved out. he lives 200 miles away. he purchased the home (mortgage is in his name only) last month but he put both of our names on the title. he does not want the house and is willing to see if countrywide will allow me to assume the loan and do something like a deed in lieu. can this be done or will he have to sell it to me and will i have to refinance it? our thinking was that the deed in lieu would be less costly.
Hi jun6dday,
Welcome to forums.
If your husband does not want his name on the loan, you can simply refinance it in your name. It is possible to assume a mortgage but assumption happens when a buyer takes over a seller's mortgage while at the same time purchasing the latter's home.
A deed in lieu comes in only when you fail to pay off the loan after the refinance. Take a look at how refinance works and how much you need to pay prior to taking the decision.
Thanks
Welcome to forums.
If your husband does not want his name on the loan, you can simply refinance it in your name. It is possible to assume a mortgage but assumption happens when a buyer takes over a seller's mortgage while at the same time purchasing the latter's home.
A deed in lieu comes in only when you fail to pay off the loan after the refinance. Take a look at how refinance works and how much you need to pay prior to taking the decision.
Thanks