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Posted: Mon Oct 12, 2009 2:29 pm Post subject: Divorce assumption

What does a Divorce assumption actually do?

jenkin7 · Posted: Mon Oct 12, 2009 11:14 pm Post subject:

A divorce assumption releases one of the spouses from the liability of the mortgage. In case both the spouses are on the loan and one of them wants his/her name to be taken off it, the other spouse needs to assume the loan. The lender checks the income, credit etc. of the spouse and let's him/her assume the mortgage. An assumption agreement is signed through which one of the spouses takes over the mortgage payments, while a release of liability is executed to the other spouse.

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