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Getting a divorce and I'm getting the home. Can I just assume the mortgage instead of trying to qualify on my own?

The mortgage is currently under my wife's name. I make good money but my credit score is bad so I rather not get my own loan. by rfisher264 from Boley, Oklahoma. Mar 24th 2021 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

Perhaps, but probably not. An assumption means the lender removes your ex-wife's name and adds your name. To do that, they are going to require you to qualify. It would be possible for your wife to remain on the loan, and you take over the payments, but the loan would still be in her name and the lender would likely require the showing of a court approved divorce decree showing that you are to keep the home and be responsible for the payments. The problem I see here is that it is likely that the divorce decree will require you to either refinance the loan out of your ex-wife's name, within a certain time period or sell the home to pay off the debt in her name. Virtually every Divorce decree I have seen where the home is being retained by one party, the requirement to remove the debt from the other's liability was in the divorce decree. Make sure your attorney negotiates for an extended period of time (like 3-years) for you to comply. That should give you enough time to get your credit in order so you can qualify. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.

Mar 24th 2021
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Greg Bleyl (GregBl)
#59 ranked lender in Ohio - 22 contributions

The current mortgage servicer could best answer the assume question. Having bad credit may still qualify for a good home loan. Feel free to call or text 216-496-0211

Mar 25th 2021
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,421 contributions

In theory, maybe. In practicality, no. First, the existing loan has to be assumable, and very few loans are assumable. Next, it is assumable "with qualifying" - so the lender will check you out. Your bad credit makes it near impossible. The reality is you'll need to get your own loan, and if you are not ready today, you are not ready. As part of the divorce, it is common to mandate you refinance to get the loan out of her name. Talk to your Attorney immediately to make sure the divorce decree gives you some time to do so. Good luck. I lend in MN Wi IA SD ND, and can be found at JoeMetzler.com - Cambria Mortgage, NMLS 274132

Mar 29th 2021
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