I think you need a separation agreement/divorce in place, change of title/deed (not sure what that costs), credit check, and the paperwork from the bank? Process should take around 4 months???

I have a mortgage that would qualify for an assumption, but cannot qualify for a refi since the house is underwater by 100k. I thought that this would be the better option. Other choice is a short sale (yikes) and would rather not do that since it would impact my credit as well and I made the majority of the money in the marriage.

I don't think anyone does assumable mortgages anymore. They are very, very rare if they exist at all.

I thought this was something the seller offered as an inducement to the buyer.

My parents offered an assumable mortgage on our home in Downtown Bethesda in 1984 because the market was so terrible! Arggh!

Anonymous wrote:you would need to do a quit claim deed to get him off the title and send a copy of that to the mortgage company. they will then review your income etc. to see if you qualify to take on the mortgage by yourself and they decide whether to remove him or not. Regardless getting him off the deed is most important but it will cost you. Did it in DC myself and had to pay $3-4K for recordation taxes, filing, attorney fees, etc.

No no no...you do not have to pay recordation taxes for deed transfer amongst spouses, when there is no value consideration for the transfer in DC. Most title companies will prepare the docs for a few hundred. PP it sounds like you were taken for some money.

Also, you don't have to quitclaim before assuming the loan, the mortgage company will prepare the docs for you if/when approved. It's fairly simple to get the requirements for an assumption. Do you know if your investor is Fannie or Freddie owned? Lastly, if you qualify for HAMP (Fannie/Freddie), there are circumstances where one spouse can come off with a HAMP refi or modification.

Thanks for your help. Yes, I want him off the loan and title and the deed.

you would need to do a quit claim deed to get him off the title and send a copy of that to the mortgage company. they will then review your income etc. to see if you qualify to take on the mortgage by yourself and they decide whether to remove him or not. Regardless getting him off the deed is most important but it will cost you. Did it in DC myself and had to pay $3-4K for recordation taxes, filing, attorney fees, etc.

Anonymous wrote:I want to assume the loan myself and get him off the loan...

I'm not really sure why you care if he on the loan-- I would think what matters is if he is on the title, and getting him off the loan would not get him off the title necessarily. Also, are you saying you currently have an assumable mortgage and you want to assume it? Or instead of refinancing you want to take out an assumable mortgage, because that would still be refinancing?

I want to assume the loan myself and get him off the loan...

Anonymous wrote:Assumable means it stays with the house when you sell. FHA loans are assumable. Not sure what it has to do with getting your husband off the loan. I think that's a different thing entirely.

The bolded part. If the buyer qualifies they can assume your loan. It has zero to do with getting your ex off of the loan.

Assumable means it stays with the house when you sell. FHA loans are assumable. Not sure what it has to do with getting your husband off the loan. I think that's a different thing entirely.

really, there is no one out there with anything???

Does anyone know anything about these? thinking about applying for one under Wells Fargo vs refi (don't have the equity) and attempting to get the ex off.