Livonia, MI asked in Real Estate Law, Divorce and Tax Law for Michigan

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.

1 Lawyer Answer
Mr Scott Marshall Neuman
Mr Scott Marshall Neuman
  • Okemos, MI
  • Licensed in Michigan

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.