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Qualifying Assumption After Divorce.

Hello everyone, currently reside in Florida in case the laws are different elsewhere.

I've recently gone through a divorce and part of the divorce agreement would be that my ex-wife's name be removed from the mortgage note so she has no further responsibility on it.

Looking at my options it seems that a qualifying assumption is my best bet.

I have a few questions.

Currently my loan is with BOA, my ex and I would like to sit down with a mortgage person and speak with them about the whole process, but BOA no longer has mortgage offices and all their support is over the phone.

Is it possible for another lender to do the process? Suntrust has actual mortgage offices and we'd like to sit with someone to answer any questions we may have, but not sure if another lender would even look at our situation.

I've been paying the mortgage on my own for the past 5 months since she moved out, will lenders take that into consideration when I'm applying for the loan? While I make decent money, I'm not sure I'd qualify for the amount of loan we originally qualified for together.

Refinancing the loan in my name only probably isn't an option as the house is no longer worth what we paid due to the housing crash. Probably close to 40k less than what we paid if not more. I do not have the extra income to come up with the difference either.

I'm just looking for any options I have and if anyone else has done an assumption after getting divorced.

Thanks!

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome mattfl,

As you want to assume the mortgage, then it is Bank of America, your original lender, who will help you in this regard. If you want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan, then you can contact Suntrust or any other lender. As, there is no equity in the property, you won't be able to refinance the loan in your name. In that case you need to contact Bank of America and assume the mortgage.

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mattfl's picture
mattfl | Joined: June 29, 2010 01:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks adonis. That's what I was afraid of.

My issue with BOA is there is no office where we can go in and speak with anyone about any questions. I've got the loan paper work here and there are some things it wants filled in that I have no idea what they would be. I'll give I'll have to give them a call and see what I can get out of them. It even says on the top of the paperwork that this is to be completed with the Lender's assistance.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Were you successful with the qualifying loan assumption through Bank of America?

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mattfl's picture
mattfl | Joined: June 29, 2010 01:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was not.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mattfl...can you give me some feedback on what you did/are doing with your situation? I am in an identical one...looking to get off the mortgage and was recently told by BOA about the "assumption" option. They are sending me the paperwork. Is it worth a try? How do they determine whether its approved or not?
HELP PLEASE!

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Chrisnj,

If you want to get rid of the debt, then someone else has to assume the mortgage or refinance it. This will release you from the liability of paying the mortgage.

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suzannepc641's picture
suzannepc641 | Joined: September 5, 2011 08:00 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

In my divorce my ex was awarded the home and is in the process of assumption. It is a VA loan too. He says that Wells Fargo's paperwork states he must have "property settlement agreement". I wasn't asked to Quitclaim it in the divorce and prefer to NOT if there is another way or form.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi suzannepc,

In such a situation, it will be better if you could contact your divorce attorney and take his opinion in this matter. He will let you know what type of form you can use in order to transfer the property.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

So Matt what did you do? I'm panicked over this becasue if I cannot assume the loan I am going to be in contempt.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, all. You will never know what you will end up with, until you start the process step-by-step. We are going to initiate the qualifying assumption, and I called to BOA and asked them whether they will consider my ex husband qualified to stay alone in the mortgage. The BOA qualifying assumption clerk told they will check my ex-husband's credit history, his personal debts, loans, income, etc. and then, if he qualified, they will remove my name from the loan.

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