Paying off the loan, refi or otherwise, is the only way

Paying off the loan, refi or otherwise, is the only way
by Irishted (2018-12-12 08:24:53)
Edited on 2018-12-12 08:31:31

In reply to: Question for bankers or mortgage officers posted by mustangman

to get the ex off the mortgage. With a refi, as it is a secured loan, the rates will likely be a lot better. There also may be an assumption-like process (technically you can't really assume a loan you are already on) where the spouse staying in the home goes through underwriting again and takes over the loan solely in his/her name. That would depend on what the investor/servicer allows.

Warning: doing just a quitclaim deed to the spouse staying in the home only affects title, not the mortgage liability. Don't give up title rights if you're still going to be liable on the note. It gets to be a complete mess. That's an issue I deal with a lot at work, and the people I have to explain it to are usually not happy.