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I am keeping the house in divorce and want to keep existing mortgage. Can I assume the mortgage and remove her from liability?

jameshogg · Posted: Tue May 10, 2011 10:33 pm Post subject:

Hi Guest,

You will be able to assume the mortgage and remove your spouse from the property and mortgage provided your lender agrees to it. It will be your lender's discretion whether or not he will allow you to assume the loan. If you cannot assume the loan, you need to refinance it.

Thanks

gmakerley · Posted: Wed May 11, 2011 1:09 pm Post subject:

Check with your lender to determine what is needed. Honestly, these arrangements ought to be worked out in any divorce settlement you make with your spouse. If an assumption is something that the lender will grant, then that's the way to go, as it'll be a cheaper and quicker fix than would be a refinance. Refinancing would, of course, involve all the standard documentation you need with any new transaction; therefore it'll be a more expensive proposition.

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In a divirce situation where one assumes the mortgage and remove the spouse from mortgage does it release her from liability??

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