Divorce/Loan assumption??

[Tanjadarling]

Hi,

My friend is in the process of a divorce (CA), she will be granted one of the three homes. Husband and wife are still on the loan. She wants to keep the low interest rate, can she just ask the lender to take off husband's name and continue paying the loan or does she have to refinance or assume loan or do any other thing?

Husband claims she needs to refinance forcing her to pay higher mortgage and ultimatily forcing her to abandon property.



Grateful for any input!!

Tanja

[seniorjudge]

Originally Posted by Tanjadarling

Hi,

My friend is in the process of a divorce (CA), she will be granted one of the three homes. Husband and wife are still on the loan. She wants to keep the low interest rate, can she just ask the lender to take off husband's name and continue paying the loan or does she have to refinance or assume loan or do any other thing?

Husband claims she needs to refinance forcing her to pay higher mortgage and ultimatily forcing her to abandon property.



Grateful for any input!!

Tanja

Q: She wants to keep the low interest rate, can she just ask the lender to take off husband's name and continue paying the loan or does she have to refinance or assume loan or do any other thing?

A: Yes, she may ask; no, it will not be done.

[pojo2]

Originally Posted by Tanjadarling

Hi,

can she just ask the lender
Tanja

Why DOESN'T she just ask these questions of the lender?

Their response will in part be governed by the original mortgage and the assumability, or lack thereof, of that loan.

But certainly no one here can answer the question with any accuracy.