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What is a mortgage assumption?

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momplease Joined: 24 Jun 2009 Posts: 2 1.57 Dollars($)	Posted: Wed Jun 24, 2009 12:53 pm    Post subject: What is a mortgage assumption? Like 0 Dislike 0 My house is in mine and my ex-husbands name we are divorced and he kept the house. I want my name off of it because he is ruining my credit with it. I keep hearing things about a mortgage assumption but no one is explaining what it is.
manoj_gopale Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)	Posted: Wed Jun 24, 2009 4:18 pm    Post subject: Like 0 Dislike 0 momplease you just need to refinance the mortgage on his loan alone.If this is not possible then you can quitclaim your share to your ex husband and you can remove your name through mortgage just by refinancing the mortgage on his name alone and if required you can also get the orders from court also.
momplease Joined: 24 Jun 2009 Posts: 2 1.57 Dollars($)	Posted: Wed Jun 24, 2009 4:47 pm    Post subject: Like 0 Dislike 0 What is a quitclaim? He doesn't have the credit to refinance and he is ruining mine by not paying the mortgage on time. I just want my name off of it before I can't buy a house when it comes time because of him
Jessica Community Mentor Joined: 08 Jun 2004 Posts: 808 Location: OHIO 435.65 Dollars($)	Posted: Thu Jun 25, 2009 6:05 am    Post subject: Like 0 Dislike 0 Hi momplease, You mean you have your name on the mortgage. Right? well, in that case, refinance would have been a good option. But now that your ex-husband doesn't have the credit to do so, it is no longer feasible. Can you tell me how bad is his credit? because he may not qualify with a certain lender but if he shops around well there could be a chance. Regarding the mortgage assumption, well, it is a process by which a seller hands over his mortgage to the buyer at the time of sale of the property. Know more about mortgage assumption from http://www.mortgagefit.com/discuss/simple-assumption.html . Quote: What is a quitclaim? A quitclaim deed is a legal document that helps you to transfer property from one person to another. It doesn't enable one to transfer the mortgage on the property. So, when it comes to adding one to the title or removing someone from the title, a quitclaim deed is often used. Regards, Jessica _________________ http://jessica.mortgagefit.com/

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