Anonymous wrote:It's called an ASUMPTION.
You assume the mortgage and the deed without refinancing and incurring a ton of costs.
Just did this with my dead-beat ex last year. Worked out great for me, I have the house and mortgage and it cost me less than $1K.

Most mortgage aren's assumable. I'm surprised yours was.

OP - I called the settlement company that had last re-fi'd the house to have them prepare the quit claim deed to get my ex's name off the deed. It cost around $250. But my ex wasn't on the mortgage, so I didn't have to deal with that. Call the settlement company - this is what they do and they can probably advise you as to how to deal with the mortgage situation too.

It's called an ASUMPTION.
You assume the mortgage and the deed without refinancing and incurring a ton of costs.
Just did this with my dead-beat ex last year. Worked out great for me, I have the house and mortgage and it cost me less than $1K.

Anonymous wrote:In this situation, the family likely has young children and the spouse keeping the house can't qualify for a mortgage on his/her own.

Right. And how is this the ex's problem?

They should refinance. If they can't afford that: move.

Anonymous wrote:In this situation, the family likely has young children and the spouse keeping the house can't qualify for a mortgage on his/her own.

+1. Also agree that mortgage lender won't take anyone off the mortgage.
You should talk to a real estate attorney.

In this situation, the family likely has young children and the spouse keeping the house can't qualify for a mortgage on his/her own.

Yes, quit claim. I did it when I refinanced as part of the refi. No special lawyer needed. Obviously a real estate attorney otherwise.

The mortgage company will not take anyone off of the mortgage. Both are still legally responsible for the payment even with divorce.

OP, please take a step back and imagine what you would advise your very best friend if she said she wanted off the deed but would continue to be on the mortgage but not make the payments. Imagine how you would react.

This is completely idiotic. If you are off the deed get off the mortgage.

Anonymous wrote:

Anonymous wrote:While married, expecting to divorce, can one person be taken off the deed if both agree? The person getting off the deed is willing to stay on the mortgage and the person staying on the deed will make all payments. How much would it cost? Both agree that the condo will not be considered in property settlement at divorce.

This is really stupid.

The person not on the deed will get screwed if the other person decides not to pay the mortgage/or if that person new partner makes them not pay. What is he/she files bankrupt? The mortgage compnay will come after you and the sad thing is they will come after your newly acquired property to collect the money.

Yes. Friend did this with her ex. He would take her payments and not pay the mortgage. Foreclosure

Anonymous wrote:Wouldn't both spouses still have equal marital financial claim in the property, even after one gets off the deed?

No.

Anonymous wrote:The person who is on the mortgage but intending to be taken off the deed should insist on being taken off the mortgage as well. With a refinance.

+1

Anonymous wrote:While married, expecting to divorce, can one person be taken off the deed if both agree? The person getting off the deed is willing to stay on the mortgage and the person staying on the deed will make all payments. How much would it cost? Both agree that the condo will not be considered in property settlement at divorce.

This is really stupid.

The person not on the deed will get screwed if the other person decides not to pay the mortgage/or if that person new partner makes them not pay. What is he/she files bankrupt? The mortgage compnay will come after you and the sad thing is they will come after your newly acquired property to collect the money.

Do this as part of a property settlement agreement that settles equity you have in the place. Ask an attorney but I found a law that says the mortgage provision declaring any transfer a default does not apply in a divorce settlement. I think it's best to get the ex off the mortgage if you can. You can refi or if your mortgage has a lower interest rate than current market rates look into assuming the loan. Good luck.

Anonymous wrote:

Anonymous wrote:The person who is on the mortgage but intending to be taken off the deed should insist on being taken off the mortgage as well. With a refinance.

Yeah, that person is a friggin idiot if he agrees to that.

Yes. I represent someone who agreed to this in a divorce proceeding, and 5 years later she is embroiled in a hideous foreclosure nightmare.