Are mortgage assumptions easy to get?

[teresarae]

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

My husband and I are divorcing. I called the mortgage company and they said our home equity loan is assumable. Is that easy to do or do mortgage companies frequently turn you down? I know my husband would have to financially qualify but would the home have to meet the appraisal value?

 

[nextwife]

Will they give the other party a full release of liability?

 

[teresarae]

Yes, my husband would have no problem releasing me of any liability to the loan. I am just worried that the mortgage company will deny it.

 

[nextwife]

Yes, my husband would have no problem releasing me of any liability to the loan. I am just worried that the mortgage company will deny it.

That wasn't my question. Your husband does not own the loan, he CANNOT give you a full release of liability. Only the owner of the loan can do that. If the loan remains open, will the lender who underwrote the loan agree to not hold you responsible as a co-brorrower in the event of a default. In other words, if he were struck by a bus, or a meteorite tomorrow, are you still on the hook as far as the lender is concerned?