EireAislynn
Junior Member
Michigan:
I am in the middle of a divorce and would like to assume the mortgage on my home to be able to stay here with my two, young children.
I am currently collecting unemployment, child support (garnished from his wages and directly deposited-this amount is enough to make the payment of both the primary and equity notes), and doing minimal work from home on contract while looking for full-time work. My once good credit hit rock bottom and has been digging since I lost my job for six months last year and had to make choices to keep utilities on and not get shut off. I am not currently on the note. There are other special circumstances, such as domestic violence and child abuse which have my husband forbidden to set foot on the property per criminal court order. He stopped paying the mortgage after October. I was unaware. I have been living here with my children, alone, since Nov. '08 (his arrest), paying all of the utilities and making repairs. Also, in the last week and a half, I have made two payments of the monthly amount. I have been told that I can't even apply for assumption until the account is brought current. I have the funds right now to bring it current, but I obviously cannot use that money to do this if I cannot assume the loan. I will need that money to try and find a place to live with my children.
Because of the divorce and my maintaining the home (and also beginning to make payments), will the bank take these things into consideration? Instead of removing my husband from the mortgage and completely assuming it, might it be easier to have my name ADDED to the note now and have his name removed when the divorce is final? This, of course, would depend on my husband's willingness to stay on the note. There is no contension to my taking over the mortgage. I'm sure language would need to be added to the divorce decree if merely being added to the note would be an option.
I am scared of losing our home. My son has special needs. His doctor believes uprooting him now could be dangerous for all of us. I am doing everything I can to find a full-time job. It is my understanding that if I am able to assume the mortgage that I can try to work on loan modification. Are there other options if I don't qualify to assume it? My attorney insists that keeping the home is a mistake. Logistically he is correct, but for my children and I, it is the best thing for me to do.
I know companies don't really care about peoples' lives and circumstances, but might it be possible to have these things taken into consideration? I wanted to keep it out of foreclosure, and try to build some credibility by making the monthly payment in the mean time. But if I apply for assumption, using my savings to pay the two months it is currently behind, and am denied the assumption, my children and I will be living in the car. It's a risk I can't take if they are going to refuse to work with me. I am willing to suck up the non-refundable application and credit check fees, though it hurts. But to waste nearly $3000 to bring it current simply to be able to apply for the assumption, to have them deny me, I can't do it. It makes me sick to think about. Has anyone ever tried to do this, and been able to get around bringing it current to apply? I can promise them a lump sum payment to make it current upon assumption (on top of their $900 assumption fee), but unless I can take over the loan, I just can't do that.
I am in the middle of a divorce and would like to assume the mortgage on my home to be able to stay here with my two, young children.
I am currently collecting unemployment, child support (garnished from his wages and directly deposited-this amount is enough to make the payment of both the primary and equity notes), and doing minimal work from home on contract while looking for full-time work. My once good credit hit rock bottom and has been digging since I lost my job for six months last year and had to make choices to keep utilities on and not get shut off. I am not currently on the note. There are other special circumstances, such as domestic violence and child abuse which have my husband forbidden to set foot on the property per criminal court order. He stopped paying the mortgage after October. I was unaware. I have been living here with my children, alone, since Nov. '08 (his arrest), paying all of the utilities and making repairs. Also, in the last week and a half, I have made two payments of the monthly amount. I have been told that I can't even apply for assumption until the account is brought current. I have the funds right now to bring it current, but I obviously cannot use that money to do this if I cannot assume the loan. I will need that money to try and find a place to live with my children.
Because of the divorce and my maintaining the home (and also beginning to make payments), will the bank take these things into consideration? Instead of removing my husband from the mortgage and completely assuming it, might it be easier to have my name ADDED to the note now and have his name removed when the divorce is final? This, of course, would depend on my husband's willingness to stay on the note. There is no contension to my taking over the mortgage. I'm sure language would need to be added to the divorce decree if merely being added to the note would be an option.
I am scared of losing our home. My son has special needs. His doctor believes uprooting him now could be dangerous for all of us. I am doing everything I can to find a full-time job. It is my understanding that if I am able to assume the mortgage that I can try to work on loan modification. Are there other options if I don't qualify to assume it? My attorney insists that keeping the home is a mistake. Logistically he is correct, but for my children and I, it is the best thing for me to do.
I know companies don't really care about peoples' lives and circumstances, but might it be possible to have these things taken into consideration? I wanted to keep it out of foreclosure, and try to build some credibility by making the monthly payment in the mean time. But if I apply for assumption, using my savings to pay the two months it is currently behind, and am denied the assumption, my children and I will be living in the car. It's a risk I can't take if they are going to refuse to work with me. I am willing to suck up the non-refundable application and credit check fees, though it hurts. But to waste nearly $3000 to bring it current simply to be able to apply for the assumption, to have them deny me, I can't do it. It makes me sick to think about. Has anyone ever tried to do this, and been able to get around bringing it current to apply? I can promise them a lump sum payment to make it current upon assumption (on top of their $900 assumption fee), but unless I can take over the loan, I just can't do that.