Posted on: 14th Aug, 2008 10:45 am
I recently got divorced and the home was awarded to me. Under the order of the judge, my ex has to be removed from the loan within 3 month, so he can re use his Va loan? ( Va loan was used when we first bought home in 92. House been refinanced 2x since then)
I am currently going through the application for a assumption loan with Wachovia and will have the ex removed and son and I will be co owners.
Will that free ex up for his Va Loan?
I can not refi because the home is worth less then we own.
any ideas or help?
thanks
I am currently going through the application for a assumption loan with Wachovia and will have the ex removed and son and I will be co owners.
Will that free ex up for his Va Loan?
I can not refi because the home is worth less then we own.
any ideas or help?
thanks
Hi Moomama.
Welcome to the forum.
If the loan documents allow you the assumption then only you can assume the loan. When he will be removed from the mortgage then he can again apply for the VA loan.
Best of luck,
Larry
Welcome to the forum.
If the loan documents allow you the assumption then only you can assume the loan. When he will be removed from the mortgage then he can again apply for the VA loan.
Best of luck,
Larry
thank you so much Larry, I truly appreciate your response.
Ah ... not so fast. His eligibility is still tied up UNLESS you are also a veteran and go for a substitution of eligibility. Simple assume won't do this and partial guarantees usually don't fly given "normal" home prices.
I suspect the solution you're considering is not going to fly with your ex-hubby.
I suspect the solution you're considering is not going to fly with your ex-hubby.
I have a subprime mortgage. I am divorced and was given 3 years to remove my ex wife of the loan. Chase does not do assumptions on sub prime. I just got my credit score back up to good levels and the market crashes. My time is almost up to get my ex off the loan. is there another option Refinance may not be possible due to i owe more than what the house is worth.
hi franko!
welcome to forums!
you can check out the option of novation with your lender. it is also a way of transferring mortgage. but you should note that lenders prefer refinance over novation.
sussane
welcome to forums!
you can check out the option of novation with your lender. it is also a way of transferring mortgage. but you should note that lenders prefer refinance over novation.
sussane
I would like to do a loan assumption on my current resident. Do you know where I can post this besides Craigslist?
jimmie, please elaborate. are you trying to find someone who will assume your loan - is that all you are trying to do?
ordinarily you'd want to sell the home to someone who could then assume your mortgage, if it's worth the trouble for them. i'm a bit skeptical in these times, because someone buying a home today could get a far better rate than what has been offered in the last couple of years or so.
what is it, exactly, that you're looking to to?
ordinarily you'd want to sell the home to someone who could then assume your mortgage, if it's worth the trouble for them. i'm a bit skeptical in these times, because someone buying a home today could get a far better rate than what has been offered in the last couple of years or so.
what is it, exactly, that you're looking to to?
