Posted on: 13th Jul, 2010 04:12 pm
i was in a common law relationship for 5 years. two years ago, we bought a home together. we are both on the loan and deed. we seperated 3 months ago and i moved out of the house. we will not sell the house which would be the easiest option. he wants to keep the house and assume the payments.
in order to refinance the house, our lender said we had to go through divorce proceedings because he was listed as married on the deed. we have filed a month ago.
this is the tricky part. we have parted on very bad terms and we do not speak. neither of us sought a lawyer and we are trying to make this as least expensive as possible. i called my lender and they explained that my ex-partner has to fill in an assumption packet to assume the loan and have my name removed. after that is completed, they told me to file a quit-claim deed. i asked him to begin that paperwork asap because i do not trust him to do this or refinance after the divorce is final (again due to the nature of our relationship). i told him i would not sign on any divorce paperwork until he finishes and files the paperwork.
his response was he could not assume the loan now because he would still be listed as married until the divorce is final. he said we have to wait until that is finalized. is that true and how can i guarantee that he will do this after the divorce?
in order to refinance the house, our lender said we had to go through divorce proceedings because he was listed as married on the deed. we have filed a month ago.
this is the tricky part. we have parted on very bad terms and we do not speak. neither of us sought a lawyer and we are trying to make this as least expensive as possible. i called my lender and they explained that my ex-partner has to fill in an assumption packet to assume the loan and have my name removed. after that is completed, they told me to file a quit-claim deed. i asked him to begin that paperwork asap because i do not trust him to do this or refinance after the divorce is final (again due to the nature of our relationship). i told him i would not sign on any divorce paperwork until he finishes and files the paperwork.
his response was he could not assume the loan now because he would still be listed as married until the divorce is final. he said we have to wait until that is finalized. is that true and how can i guarantee that he will do this after the divorce?
Hi suzbarakat,
It is better for your ex-partner to assume the loan and the property after the divorce is final. While your divorce is in process, you can make him sign an agreement which may state that he would assume the loan once the divorce is final. Thus, he will be bound by the agreement to assume the loan.
Thanks
It is better for your ex-partner to assume the loan and the property after the divorce is final. While your divorce is in process, you can make him sign an agreement which may state that he would assume the loan once the divorce is final. Thus, he will be bound by the agreement to assume the loan.
Thanks