Q: How can my ex husband take over the condo we bought during marriage? We are now divorced and he wants the condo now.
We are divorced, recently in fact. My name is on the loan it was easier to buy during our marriage that way. Our names are both on the deed however. I have a conventional loan through the mortgage. I believe my loan isn’t assumable?
How does it work if he wants to take over the loan? He keeps saying he has a way to take over the existing loan amount and nothing more. Apparently He doesn’t have to buy me out?
How can he refinance if he isn’t on the loan? I was told he would need to purchase the property not refinance?
A: Your best course is to require that he refinance or that you sell the property. As long as you are on the mortgage, you are responsible for the mortgage loan and it will appear on your credit report as your debt.
A: If you wish to remove your name from the underlying note, he must refinance. Period. "Taking over" often means he promises to make your payments, without changing the terms of the note and deed of trust. That must means you remain exposed when he misses a payment.
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