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Should I buy my ex out from our joint mortgage?

I need advice regarding my situation with my ex. We got a joint interest mortgage 10 years ago but we split a few years after. We decided that he would pay for the loan and we would consider that his support for his son. Nothing was written down and he will be stopping payments in a couple of years. Can I transfer the name of the loan to my name? Should I buy him out? TIA! by lisab752 from Chandler, Arizona. Aug 9th 2022 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,729 contributions

Whoever retains the house will have to refinance the property into their name only. You generally can't just drop someone from a current mortgage. So you need to apply for a refinance, and he would need to sign off the property at that refinance closing. I provide home mortgage loans in MN, WI, IA, ND, and SD. Find me at - Cambria Mortgage, NMLS 274132

Aug 16th 2022
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