Posted on: 14th Oct, 2013 09:29 am
After divorcing with my husband, I decided to pay off my mortgage. However, my ex-husband's name and my name on our mortgage,but my name is not on our house deed.and I would like to remove his name before I pay off my mortgage,so I wonder do I need to fill out an assumption package remove his name from mortgage before he sign a quitclaim deed ?
Hi iris,
If you wish to transfer the mortgage in your name, then you will have to assume it. Once you assume the loan, you will be liable for paying it off solely. If his name is not mentioned on the property deed, then he will not have to sign quitclaim deed.
Thanks
If you wish to transfer the mortgage in your name, then you will have to assume it. Once you assume the loan, you will be liable for paying it off solely. If his name is not mentioned on the property deed, then he will not have to sign quitclaim deed.
Thanks
Our house grantor and grantee is my ex-husband and I . and both of us name on the mortgage. But our house deed just have my ex name. Recently, I want to early payoff our loan, before I do it, I need to remove my ex name from our house deed and put my name . My mortgage company told me that I need to fill out the assumption form to remove my ex name from our loan and then I can remove my ex name from our deed., My issue is why do I need to fill out the assumption form to remove my ex name from our loan ? I don not want to borrow the money from company again . I want to payoff it .My ex has agreed to keep his name on our loan and just remove his name from our deed and after his name remove from our deed I can payoff our remaining balance. I wonder do I have to fill out the assumption form before remove my ex name from our house deed?
Hi iris!
Welcome to the forums!
With a loan assumption, you are not borrowing money. You are just assuming his share of the loan in your name. After you do so, it will be easier for you to sell off the property or paying off the loan in full. If you wish to remove him from your house deed, then you can ask him to sign a quitclaim deed and transfer the property to you.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
With a loan assumption, you are not borrowing money. You are just assuming his share of the loan in your name. After you do so, it will be easier for you to sell off the property or paying off the loan in full. If you wish to remove him from your house deed, then you can ask him to sign a quitclaim deed and transfer the property to you.
Feel free to ask if you've further queries.
Sussane