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Old 10-31-2013, 12:25 PM
 
835 posts, read 2,522,465 times
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Hi,

Wondering if anyone might be able to offer some help. My husband and I have been separated for 7 months. He has agreed to allow me to assume the marital home, releasing him from the loan and deed. I have filled out the assumption application, which will need to be signed by a judge. How would we go about doing that? Will we have to hire an attorney? We have a separation agreement, which was signed by a notary but not by a judge. Can we do this without being divorced? Thanks!
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Old 10-31-2013, 12:28 PM
 
Location: Phoenix, AZ > Raleigh, NC
14,301 posts, read 17,505,128 times
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WAY more complicated than what you are stating. Yes, you need a lawyer. Specifically, you need a lawyer, and he needs his own lawyer.

As far as the house goes, it doesn't matter what he signs. The mortgage company will have to agree to let you "assume" the loan. And that means that you will have to apply for a mortgage under your name, credit, income and debts. If you qualify, you can buy him out. If you won't quality, his name isn't coming off that mortgage loan.

Get a lawyer. That separation agreement you have probably is worthless in the legal sense.
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Old 10-31-2013, 01:41 PM
 
Location: Austin
7,077 posts, read 16,893,484 times
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I don't know what state you're in, but states like Texas do NOT acknowledge legal separation.

But that's neither here nor there, as it doesn't matter what a judge says if the loan has both your names on it, or just his. The mortgage company doesn't care if you get divorced. You would have to finance the house in only your name for him to not be responsible for the mortgage.

Get an attorney, but better yet, fill out a loan application and see if you qualify for the house.
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Old 10-31-2013, 02:05 PM
 
Location: Southern California
4,350 posts, read 4,933,884 times
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Quote:
Originally Posted by FalconheadWest View Post
I don't know what state you're in, but states like Texas do NOT acknowledge legal separation.

But that's neither here nor there, as it doesn't matter what a judge says if the loan has both your names on it, or just his. The mortgage company doesn't care if you get divorced. You would have to finance the house in only your name for him to not be responsible for the mortgage.

Get an attorney, but better yet, fill out a loan application and see if you qualify for the house.
Is the assumption application the op mentioned different than the loan app?
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Old 10-31-2013, 03:07 PM
 
48 posts, read 105,384 times
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My husband did this same thing with his (then) wife and they did not need an attorney at all.
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Old 10-31-2013, 09:44 PM
 
835 posts, read 2,522,465 times
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Quote:
Originally Posted by robin_j View Post
My husband did this same thing with his (then) wife and they did not need an attorney at all.
Hi, would you be able to elaborate on that? Thanks.
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Old 10-31-2013, 09:48 PM
 
835 posts, read 2,522,465 times
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I called our mortgage company. They are the ones who told me to apply for an assumption, which I am in the process of doing. Both our names are on the load, me as borrower and him as co-borrower. I was told I do not need to apply for a new loan. The application does ask questions to make sure I qualify to assume it though, which I don't see as a problem. It's just all the legalities of it.
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Old 11-01-2013, 12:48 PM
 
Location: Phoenix, AZ > Raleigh, NC
14,301 posts, read 17,505,128 times
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The OP is in North Carolina. I know this because the thread originated there, and was (appropriately, IMO) moved here.

Regardless, my advice stays the same as I wrote above.
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Old 11-01-2013, 01:39 PM
 
Location: Austin
7,077 posts, read 16,893,484 times
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Quote:
Originally Posted by Strongasabear View Post
I called our mortgage company. They are the ones who told me to apply for an assumption, which I am in the process of doing. Both our names are on the load, me as borrower and him as co-borrower. I was told I do not need to apply for a new loan. The application does ask questions to make sure I qualify to assume it though, which I don't see as a problem. It's just all the legalities of it.
If you qualify to assume the loan in your own name, that's great. My next question is, Is your state a community property state? If it is, and you still acquired the loan in your name while married, he is still entitled to it, unless you've got an attorney involved who has written something up to make sure that doesn't happen, which is why it goes back full circle to needing an attorney involved.
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Old 11-01-2013, 02:05 PM
 
Location: Southern California
4,350 posts, read 4,933,884 times
Reputation: 2129
The loan and the property are separate. It is up to you to make sure that the property becomes yours. I've been in a situation where a both parties of a divorce were still on the deed and title, but only one party was on the loan after their DIY separation. It took work to refinance her.
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