Q: How can my ex husband take over the condo? He isn’t on the mortgage though! He won’t be able to refinance?
I am on the mortgage he isn’t. But we are both on the deed. What is the process of how he can take the condo from me and my name come off?
What happens if my mortgage loan is not assumable though and my mortgage doesn’t transfer to
Him?
Baltimore county signed off on the divorce and we are dividing the condo asset amongst ourselves.
Remember we are both on the Deed though!
Wouldn’t he have to get pre approved as he was buying the condo himself though?
Also I don’t want to come off the deed until I fully know he can get a loan in his name and my name to come off the loan.
When we went to settlement in 2016 for the condo the title company allowed his name to go on the deed as well. So is this a messier situation with this property?
A:
A names "comes off" property by a deed that gets recorded in Land Records. If this wasn't handled in the divorce, you may want to talk to a real estate attorney who can prepare a deed conveying to your ex.
A deed does not change who has responsibility on a mortgage, but a borrower can talk with the lender's "assumption department" to discuss transferring the loan to the ex going onto title. Generally speaking people cannot deed property without paying off the mortgage in full, but a federal law called the Garn St. Germain Act specifically allows a husband or wife to transfer their home to their current (or former) spouse without triggering the "due on sale" clause. Under this law the spouse getting the property can take over the loan payments and so long as they pay the mortgage the lender must accept this and can't call the loan due.
While not legal advice I hope that this general information helps.
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