Assuming mortgage loan after a divorce on awarded property

Member since 2024 · 11 posts · 5 votes

Hello,

In my divorce, I was awarded one of my martial properties. We have to assume the loans for the homes we each were awarded and remove the other spouse or refinance the loan. I do not want to refinance because of the high interest rates. If anyone has any experience with this, how can I remove my ex husband from this mortgage loan and still keep the loan terms the same by not refinancing it? I can afford the mortgage and have been paying the mortgage on my own since we bought the property. This imhomevwas purchased using my VA home loan for veterans. Also, I'm in Texas.

Thanks.

0 Reply

14 views

Most Popular Reply

Bruce WoodruffPro Member

Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes

I know...horrible company that bought the loan!

1 Reply

See this reply in the discussion

9 Replies

Jump to latestLatest

Sort by

Blake McWilliamsBusiness Member
Realtor · Effingham, IL · Member since 2021 · 57 posts · 33 votes
1y
Quote from @Candice Packard:

Hello,

In my divorce, I was awarded one of my martial properties. We have to assume the loans for the homes we each were awarded and remove the other spouse or refinance the loan. I do not want to refinance because of the high interest rates. If anyone has any experience with this, how can I remove my ex husband from this mortgage loan and still keep the loan terms the same by not refinancing it? I can afford the mortgage and have been paying the mortgage on my own since we bought the property. This imhomevwas purchased using my VA home loan for veterans. Also, I'm in Texas.

Thanks.

Hey Candice! The VA loan actually offers loans to be assumed. You will have to call your lender and ask to speak to the assumptions department. Once, there they will require you to apply to assume the loan. They can walk you through those steps.
If it's a matter of removing him and not an assumption and they are asking you to refinance; you may look at moving the property into a trust. Talk to your attorney, but I believe this can help not enact the due on sale clause.

Hope this helps!
618-508-1808
RE/MAX Key Advantage4.427 Reviews
View Page
1 Reply
Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
1y
Yes, @Blake McWilliams is right, you can assume a loan with the 'Assumptions Dept'...but be prepared for a long wait. I had a house where it was taking so long (9mos) I just sold the place to get out from under the small loan. Ask the Lender what their timeline is and then double that.
1 Reply
Blake McWilliamsBusiness Member
Realtor · Effingham, IL · Member since 2021 · 57 posts · 33 votes
1y
Quote from @Bruce Woodruff:

Yes, @Blake McWilliams is right, you can assume a loan with the 'Assumptions Dept'...but be prepared for a long wait. I had a house where it was taking so long (9mos) I just sold the place to get out from under the small loan. Ask the Lender what their timeline is and then double that.

Very interesting that took so long! We did one in 60 days with Veterans United.
618-508-1808
RE/MAX Key Advantage4.427 Reviews
View Page
1 Reply
Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
1y
I know...horrible company that bought the loan!
1 Reply
Candice Packard
OP
Member since 2024 · 11 posts · 5 votes
1y
Thanks you so much!
0 Reply
Candice Packard
OP
Member since 2024 · 11 posts · 5 votes
1y
Wow! I wonder what made it take so long? Hopefully, that was a rare occurrence and not the standard.
0 Reply
Candice Packard
OP
Member since 2024 · 11 posts · 5 votes
1y
@Blake McWilliams could I do the assumption and the removal of my ex in my own? Or is it just better to use a lawyer? I wonder if I should just contact my lender and ask these questions, but without scaring them into thinking I won’t be able to pay the mortgage. I’ve been paying it on my own for 3 years, since the loan was started.
0 Reply
- Blake McWilliamsBusiness Member
  Realtor · Effingham, IL · Member since 2021 · 57 posts · 33 votes
  1y
  Quote from @Candice Packard:
  
  @Blake McWilliams could I do the assumption and the removal of my ex in my own? Or is it just better to use a lawyer? I wonder if I should just contact my lender and ask these questions, but without scaring them into thinking I won’t be able to pay the mortgage. I’ve been paying it on my own for 3 years, since the loan was started.
  
  Hey Candice. I do not handle assumptions unless its for a client of mine (I'm a realtor). I highly recommend just calling your lender and asking to speak to their assumptions department. They'll be happy with the transparency. Cheers!
  618-508-1808
  RE/MAX Key Advantage4.427 Reviews
  View Page
  0 Reply
Candice Packard
OP
Member since 2024 · 11 posts · 5 votes
1y
Blake do you work in the field that takes care of the mortgage loan assumptions and removal of souses name from the loans? If so I may need to connect with you. I see your phone number listed in your response.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.