Assuming mortgage due to divorce

I have a condo with my spouse, we have an agreement on the finances/property split. We want my spouse to be removed from the title and the mortgage.

The loan is 2.75% fixed, 30y, conventional. Originally was with Homepoint financial and recently was just transferred to Freedom Mortgage. I have contacted them regarding the loan assumption and I am waiting to hear from the loan department.

In the meantime, the information I am receiving (online and from our mediator (she is preparing the divorce documents and dealing with the courts with the fillings etc)) are saying that is very unlikely that the lender will allow the loan assumption. However, I have read that the lender cannot enforce “due-on-sale” in the event of a divorce.

That’s the only sticky point in the divorce’s finances. Any help guidance on how to get the loan assumption to happen it will be greatly appreciated, otherwise I am looking at a rate of nearly 5%, yikes!

Leaving the spouse on the mortgage and spelling it out in the divorce decree that I am the one responsible it seems to be a no go.

Help!

submitted by /u/neko432
[link] [comments]

I have a condo with my spouse, we have an agreement on the finances/property split. We want my spouse to be removed from the title and the mortgage. The loan is 2.75% fixed, 30y, conventional. Originally was with Homepoint financial and recently was just transferred to Freedom Mortgage. I have contacted them regarding the loan assumption and I am waiting to hear from the loan department. In the meantime, the information I am receiving (online and from our mediator (she is preparing the divorce documents and dealing with the courts with the fillings etc)) are saying that is very unlikely that the lender will allow the loan assumption. However, I have read that the lender cannot enforce “due-on-sale” in the event of a divorce. That’s the only sticky point in the divorce’s finances. Any help guidance on how to get the loan assumption to happen it will be greatly appreciated, otherwise I am looking at a rate of nearly 5%, yikes! Leaving the spouse on the mortgage and spelling it out in the divorce decree that I am the one responsible it seems to be a no go. Help! submitted by /u/neko432 [link] [comments]

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