Home Buying in League City>Question Details

Kfs1999, Home Seller in League City, TX

My husband and his ex-wife are on the mortgage together and we want to move can his name be removed from the mortgage if she takes over the pymt?

Asked by Kfs1999, League City, TX Mon Aug 16, 2010

His ex-wife wants to take over the house, which is okay with us and we want to buy another house, but we want his name removed and her name remain on the mortgage without refinancing or selling it to her.

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8
Linda S. Cefalu’s answer
KFS,

It might be a possibility if it is an assumable loan. You would need to check the original loan documents to get that information or call the bank or lender directly.

Linda
Web Reference: http://www.lindacefalu.com
1 vote Thank Flag Link Mon Aug 16, 2010
Kfs, I agree with the others. The ex & your husband (& possibly you if you have dower rights in your state.) most likely will have to either sell the property, or the ex-wife will have to refinance the loan to get his name off of the title and the mortgage of that property. However, I like what Linda said too. Call, or really your husband will have to call since he is on the loan, and find out if the property is assumable. If it is, then it is possible the mortgage company will be able to help assist in this situation and the ex can just take over the payments. I would start there first.

I hope this information helps! Best Wishes!
Web Reference: http://www.GoMelinda.com
0 votes Thank Flag Link Tue Aug 17, 2010
hi..just like all the below listed comments..can't happen...however..rates are lower now than ever..it would make sense for her to at least try to refinance. it..she already owns it and therefore wouldn't be buying it...
best regards
bob mcclure
mortgage one
brighton, michigan
0 votes Thank Flag Link Tue Aug 17, 2010
Unfortunately, the answer is like many of the other replies you have already recieved, she would have to refinance the home or sell it to get his name off the loan. Otherwise he is one there until either the home is sold or refinanced in her name. Are you concerned that she can not qualify on her own? If not, is there someone in her family that would be willing to co-sign with her? Feel free to contact me and I will be glad to answer any other questions or concerns.
0 votes Thank Flag Link Tue Aug 17, 2010
Sorry, but not going to happen. They will need to sell or the ex will need to refinance in her name only. Otherwise, both names will remain.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Mon Aug 16, 2010
She would need refinance the property.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Aug 16, 2010
I think the bank would have to agree and, in this economy, I doubt very much they would do that. Otherwise she would have to re-finance and put the loan in her name only. Check with a lender, but that is my understanding.
0 votes Thank Flag Link Mon Aug 16, 2010
I am not an expert in finance or mortgages, but I do not think you can do that without selling it to her directly and her taking the home with her own loan and recorded in her name, otherwise he and her will always be responsible for the previous mortgage. I can refer you to someone that can help.

Lee
0 votes Thank Flag Link Mon Aug 16, 2010
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