refinance mortgage due to divorce
A 1982 federal law helps you get your name off a home loan after divorce without having to refinance or sell the house. The process, called loan assumption, is cheaper and may also be quicker than.
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A mortgage refinance allows borrowers to pay off and replace an existing mortgage with a new loan and refinance rate. The reason for refinancing, also known as a "refi," varies: It can used to.
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Divorce and Refinance Considerations – WomansDivorce.com – Cathy’s Question: My divorce decree stated that I must refinance the mortgage on the family home to remove my ex-husband’s name by a certain date. I cannot refinance that quickly due to an upside-down equity situation, but my lender said that I should sell the house to my fianc.
Any late payments on the mortgage will still reflect on your credit. I recommend you separate all joint accounts before you start the divorce process or they will continue to report on both of your.
FHA Loan Questions: Divorce, Refinancing. A reader asks, "My husband is a co-borrower on a 2nd mortgage or loan with his ex-wife. In the divorce decree it stated that she was to have the loan refinanced so his name would no longer be on the loan.
Typically, such a mortgage happens when the homeowner buys his house in a healthy real estate market that later takes a downturn. When a divorcing couple owns their home subject to such a mortgage, getting rid of the debt can be difficult, and the divorce settlement can require one spouse to refinance the mortgage as part of the divorce.
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Refinancing is the most common way for spouses to transfer liability for a mortgage into one spouse’s name after a divorce. Refinancing involves qualifying for a whole new mortgage that pays off the old one, and it may not be possible for your soon-to-be ex to do this if she doesn’t have the necessary credit history and income.
The divorce court cannot force any lender to refinance the mortgage, so refinancing may not be possible even if the divorce decree orders one spouse to refinance as a term of the divorce settlement. spouses can avoid confusion and further litigation on the issue of refinancing by checking with lenders before.