You are here:

Buying or Selling a Home/need out of loan with ex-husband

Advertisement

Expert: - 1/28/2009


Question
Hi I purchased a home with my ex husband approx. 5 years ago I left and filed for divorce 2 years ago at that time he said he wanted to keep the house which is fine but he still has not taken over the loan  hes paid the payments on time but has not assumed the loan i will gladly quick claim deed it to him the problem is he is self employed is the any way for him to assume the loan with him being self employed

Answer
Hi Heather,

Sorry to hear about the mixed up situation.  Unfortunately, the only way to get your ex off of the loan is to refinance and he would have to be able to qualify for the new loan by himself.  Hopefully he makes enough income to do so.

Don't quit claim him the house because all that does is give him sole possession of title to the property.  He would have 100% ownership and you would still be on the hook for the loan.  Think of them as 2 separate things.

Wish I had a better answer for you.

Best of luck,
Jay  

Buying or Selling a Home

All Answers

Answers by Expert:

Ask Experts

Volunteer

Jay Denit

Expertise

I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.

Experience

My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.

Organizations
BARA- Boulder Association of Realtors NAR- National Association of Realtors CAR- Colorado Association of Realtors

Education/Credentials
Xavier University-- BSBA Finance Colorado State University-- Professional Certificate in Project Management

©2012 About.com, a part of The New York Times Company. All rights reserved.