loan assumtion

alonzogalindo · Joined: 04 Sep 2009 Posts: 1 1.00 Dollars($)

I am going through a divorce in California. She said she would stay with the home and would assume the loan as she makes more money than I do. I was fine with it but I just told her that I would need to me free and clear off the loan and that I did not want this loan to show in my credit report as I would like to buy my home with in one year. She keeps telling me she put in for an assumtion and that that would get me off the loan. She also keeps pressuring me to do a quit claim. In what way could I be completly off the loan and not show on my credit report. I keep getting diffrent answers.

smithsussane · Posted: Sun Sep 06, 2009 10:15 pm Post subject:

Hi alonzogalindo!

Welcome to forums!

Your ex can either refinance the loan or she can assume the loan in order to remove your name from the mortgage docs. This will help you in removing it from your credit report as well. Once your name is removed from the mortgage doc, you can apply for another loan.

Feel free to ask if you've further queries.

Sussane

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