Baltimore, MD asked in Foreclosure, Real Estate Law and Divorce for Maryland

Q: If my ex husband isn’t on my mortgage but deed only can he take over my loan?

We are both on the deed. He isn’t on the loan but wants to take the condo over. I have a conventional loan only and I been researching this that this type of loan isn’t assumable. So how can he take over the loan? He can’t refinance the loan either can he?

2 Lawyer Answers
Liu "Margaret" Yang
Liu "Margaret" Yang
  • Foreclosure Defense Lawyer
  • Plantation, FL

A: Most mortgages aren't assumable, so he won't be able to "take over" the loan. Refinancing is the only option. If you remain on the deed, you'll probably have to sign the mortgage (not the note), so you may talk to a real estate attorney about the option of transferring the deed as part of the transaction -- assuming you intend to relinquish ownership of the property.

Cedulie Renee Laumann
Cedulie Renee Laumann
  • Crownsville, MD
  • Licensed in Maryland

A: The general rule that mortgages are not assumable does not usually apply to situations where a spouse is getting a home. There is a specific federal law that allows a husband or wife to continue paying the mortgage in the ordinary course. To get more details you could contact an experienced attorney in your state and/or talk to the lender's assumption department.

While not legal advice I hope that this general information helps.

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.