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Loan Assumption After Divorce

Can You Refinance With The Same Lender Can I Refinance With the Same Lender? – ezinearticles.com – Refinancing with the Same Lender. If you were looking for a yes or no answer as to whether it is possible to refinance with the same lender the short answer is yes. While it is possible to refinance with the same lender you may not find that it is the best option for you.

Divorce. This is possibly the most complex issue when it comes to civilian spouses and VA loans. If you are an ex-spouse of a service member, you are not eligible for a new VA loan in the same way a surviving spouse would be. That’s pretty straightforward. It can get complicated when divorce is involved after you have a VA loan together.

Most times, the spouse becomes the buyer. The veteran can commence the loan assumption regardless of the date of the loan if this constitutes a restricted transfer such as a divorce. A caveat of the loan assumption is that the veteran remains liable for the loan if the assumer falls behind on the mortgage payments.

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Q My wife and I are in the process of getting a divorce. the loan documents contain the "due on sale" clause. Let’s look at this concept. Mortgage lenders are in the business of making money, and.

Assuming a mortgage of property acquired by death, divorce, or deed. Assuming a mortgage of property acquired by death, divorce, or deed. Is happens pretty often that a spouse or child is left a property and the servicer refuses to discuss the loan with the new homeowner because they are not listed on the note.

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Refinance. If your lender will not provide a release of liability, your only option may be to refinance the mortgage. This can cost several thousands of dollars, even if the refinance is due to divorce, and it may not be an option at all if you are underwater on your home, owing more than it is worth in the current market.

One Spouse Keeps the Home and Assumes the Mortgage. A divorce mortgage assumption can be a good option if your bank will approve it, but you should realize that not all mortgages are assumable. Therefore, the first thing to do is to contact your mortgage lender to see if they will allow you to assume the loan.

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Should I refinance or assume the mortgage on the marital home? Choose a Collaborative divorce and connect with a team of financial advisors.

Kathy Kristof filed for divorce in 2002 after 16 years of marriage. She knew she could afford the mortgage payments on her own and wanted her children to have some semblance of stability as her.