assumption of mortgage and divorce

[sad1]

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

my "husband" says that until he can show proof of the divorce decree the mortgage assumption cannot go through. why is that? i thought if he applied to refinance all I would need to do is sign a quit deed and that would be it. what does the divorce decree have to do with it?

I cannot live in the house until the divorce is finaled, but hopefully once the property agreement is signed I can move- my lawyer wants me to stay there until i am signed off the mortgage but if I have to wait until the divorce is finaled that would be another 3 months I wasn't planning on staying there and I am not sure how long he will keep paying the bills.

I am finally hitting the point I am ready to move out and move on, but I dont want to get screwed. (though I really wish this wasn't happening at all)

 

[nextwife]

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

my "husband" says that until he can show proof of the divorce decree the mortgage assumption cannot go through. why is that?

Underwriting. In marital/community property states, a lender cannot loan to one spouse alone while they are still married, as the spouse would still potentially have an interest in the RE through the marriage even if a quit claim was signed. You need to BE DIVORCED before the refi to him alone can occur.

 

[sad1]

so is it best to stay inthe house till its finalled? I am there now, but I was hoping to move it. its very hard to stay there and maintain it as well as emotionally. But I don't want to take the chance of losing everything. is a property settlement agreement enough? i know there are people that still do not refinance and you have to take them to court, but I realyl don't WANT to stay there until its finalled if I dont have to.

 

[LdiJ]

so is it best to stay inthe house till its finalled? I am there now, but I was hoping to move it. its very hard to stay there and maintain it as well as emotionally. But I don't want to take the chance of losing everything. is a property settlement agreement enough? i know there are people that still do not refinance and you have to take them to court, but I realyl don't WANT to stay there until its finalled if I dont have to.

You can't lose your rights regarding the marital home just because you move out. It makes it less likely that you would be awarded the right to keep the home and refinance it, but it doesn't sound like you want to do that anyway.

Just don't sign any quit claim deed unless its part of the closing on the refinancing of the home.