in my final divorce decree, my ex-wife is required to refinance the marital home at which time i will sign the quit claim deed over to her. (the house is im my name alone). she wants to assume the mortgage i currently have. is this a reasonable thing for me to consider? she has very bad credit and makes the current mortgage payments late every month. i have read online that lenders can come after the seller as well as the buyer if there is a default or some such thing. should i just push for her to get a mortgage on her own so i am free of any liability?
assumable mortgage in my final divorce decree, my ex-wife is required to…
Re: assumable mortgage
You don’t state what you mean when you say she will “assume” the loan. You are liable for any loans in your name, regarldless of who actually pays the debt, whether the decree requires her to pay, or whether she comes to an agreement with you ro pay (or “assume”) the debt. If she pays late or does not pay at all, it goes on your credit report. From what you say, she likely cannot qualify for a loan, whether or not it sounds “reasonable.”
Scott B. Riddle, Attorney
Suite 1530 Tower Place, 3340 Peachtree Road
Atlanta, GA 30326