Getting Divorced Get the house

In a divorce how does one "assume" a home loan that was/is in the other spouses name? Where do I start?

Answer:

You probably want to first contact a lawyer so that the proper paperwork is done (and whether or not you should). And it also depends on whether or not you want the house. If you want both the house and the loan, then you'll absolutely need to consult a lawyer for your specific case!

Secondly, you will need to contact the lender to see whether or not they are willing to let you assume it. If you don't have a good enough credit rating they may not be interested in letting you assume the loan.

Lastly you'll also want to contact your spouse, assuming you just want to assume the loan and not take ownership of the house. If you want both, then your lawyer will do this for you.


Views: 1908        Posted on: Apr 10 2012        Tags: Mortgage, Divorce, Ownership