Q: My ex wants me to keep the house but only his name is on the loan. Can I just take it over? Is it best for me to refi?
We are trying to get all our ducks in a row before we file. Both our names are on the house, but only his name is on the loan and he wants me to keep the house. He has a conventional loan and I read that a simple assumption may not be an option with those loans. Am I able to just take over the mortgage payments while it's still in his name? Or is it better for tax purposes for me to refinance? I would also plan on selling the house in the next few years so I want to make sure the process is as easy as possible. Thank you.
A: If he is willing that his name remains on the mortgage while he signs a quit claim deed to you and he relinquished all rights on the house in the final judgement of divorce, then if you continent making the payments there is little chance that the mortgage company would find out. If the mortgage company did find out the company may have a paragraph in the signed mortgage that allows the company to accelerate the loan.
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