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?
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.
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.
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