Assumption of Title and Mortgage

[Stella07]

What is the name of your state (only U.S. law)? Pennsylvania

My ex-husband currently resides in the house we bought together. He has decided that instead of selling it as per our divorce agreement, he wants to buy me out and retain it. I am fine with this since it has been on the market for over a year with no offers.

Instead of refinancing, he wants to have a Warrant of Assumption issued under Divorce with Release of Liability. Apparently the Quit Claim on the Deed will be handled under this as well.

My question is what does this do to my credit rating and what will it look like on my credit report? Will this adversely affect me in the future when I want to purchase a new home?

[seniorjudge]

Originally Posted by Stella07

What is the name of your state (only U.S. law)? Pennsylvania

My ex-husband currently resides in the house we bought together. He has decided that instead of selling it as per our divorce agreement, he wants to buy me out and retain it. I am fine with this since it has been on the market for over a year with no offers.

Instead of refinancing, he wants to have a Warrant of Assumption issued under Divorce with Release of Liability. Apparently the Quit Claim on the Deed will be handled under this as well.

My question is what does this do to my credit rating and what will it look like on my credit report? Will this adversely affect me in the future when I want to purchase a new home?

I don't know what a warrant of assumption is but you will have to get the lender to agree to all this.

[Stella07]

Apparently he has already received preliminary approval from the lender for this and is set to do the final approval process in about a week. (He did all this and then told me)

[nextwife]

Review the documents, talk to the lender. If they will truly do a full assumption and give you a release of liability IN WRITING, there is no down side.