Ex wife assume VA loan?

[Huie83]

Looking for some one that knows mortgages, specifically VA mortgages.

Here's the situation. I have a home where only I'm on the deed and mortgage, i purchased the home before i met my ex. I've moved out and my soon to be ( papers are done just need to file) ex-wife rents the home from me. She would like to stay there and take over the loan which works out great for me.

Does anyone know the process for her to assume the loan from me? Do I need to get her on the deed first or do we just approach the bank (Wells Fargo) when that time comes?

She want's me to put her on the deed before the divorce which i'm not very keen on if I don't have to.

 

[supton]

Not a lawyer but I'd think the most straight forward way is to sell it to her. I don't think you can modify a mortgage in this manner.

 

[BMWTurboDzl]

Assignment typically occurs via the courts who adjudicate the divorce. The mortgage lender isn't notified and the loan will continue to report on the credit report of the spouse who's no longer (in the courts eyes, which is all that matters anyways) responsible for the loan. Obviously the court will usually require that the property be deeded over to the ex-spouse in the process because they're now solely responsible for the mortgage loan. Sometimes courts will also require that the ex-spouse refinance the existing mortgage within a # of years. Sometimes the courts will require that the ex-spouse refinance the property and pay out the other spouse their portion of the equity.


When divorced person buys another home a copy of the divorce decree is provided as proof for the omission of the payment and payment history of the "court-assigned" mortgage. It happens with auto loans as well btw.

This happens all the time and it's not a big deal really. I see it all the time.

 

[JohnnyJohnson]

Sell the house or you're still on the hook if she defaults.

 

[SwampSurvivor]

Sell it to her.

 

[Wolf359]

Originally Posted by Miller88
Sell it to her.


Sell it to her and she can assume the mortgage. Call the lender to determine the process.

 

[Lyman]

You need to call your lender and ask them. They might or might not have a simple solution. If I were you I'd sell her the home. I don't trust Exes.

 

[SatinSilver]

Originally Posted by Huie83
Looking for some one that knows mortgages, specifically VA mortgages.


First step, call up the lender and ask them if the loan is assumable.

https://www.google.com/search?ei=b2...+va+loans+assumable&oq=are+va+loans+[censored]&gs_l=psy-ab.1.0.0l2j0i22i30l2.4129.5586..8333...0.0..0.116.574.6j1......0....1..gws-wiz.......0i71j0i67.XFVyLhbRp3M

 

[wwillson]

BITOG is not a good place to get legal advice. When you get divorced, how property is divided depends on so many variables that the only way to know is to hire a competent divorce attorney in your state.

 

[Huie83]

Thanks for all the replies, I ended up contacting my lender and have the info I need.

 

[ArrestMeRedZ]

In my case with a conventional loan, ex got the house and I got other real estate. She continually made late payments, which were reported on my credit. The bank would not stop, even after I quit claimed the house to her, and implored them to change the note from our names to her name. Mortgage had to hit the 30 year point, be paid off and some time pass before I could get her late payments to stop reporting on my credit. No way she could have refinanced because of her own credit history.

Please be careful and consult with an attorney before you put her on the deed, unless you get a complete release from the mortgage holder.

 

[Convert]

SELL

I've been there and have done that.
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