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View Full Version : What is the lowest cost involved in taking over a mortgage?


dena328
Jun 27, 2011, 09:03 AM
Due to a divorce, I want to take over the mortgage my ex has in her name. It does have two second mortgages- one for 3,000 and one for 15000. The balance on the house is about 80000. I think it has a value of at least 100,000 and maybe closer to 125,000. Should I contact a real estate agent to get this done? Or just go through the bank that has approved my mortgage? Easiest way? Cheapest way? Thanks!

excon
Jun 27, 2011, 09:12 AM
Hello d:

I don't think that's going to happen... You're going to have to refinance the subordinate mortgages too. They must be in her name also.

excon

ballengerb1
Jun 27, 2011, 09:30 AM
What did the divorce decree say about the property and mortgage?

AK lawyer
Jun 27, 2011, 10:17 AM
... Should I contact a real estate agent to get this done? Or just go through the bank that has approved my mortgage? Easiest way? Cheapest way? Thanks!!

A real estate agent would not do this for free. And it might be unauthorzied practice of law, so a realtor probably could not do it anyway.

Contact the bank and ask them. I believe you are looking at a re-finance deal.

joypulv
Jun 27, 2011, 12:33 PM
Assumable mortgages, mostly VA loans, are a thing of the past.
You are starting over as a stranger buying a house from a stranger, unless there was something in the divorce settlement and it isn't final.
With a balance of 98K on a 100K house, you will be raked over the financial coals by any lender. You should start by having some agents look at it and give a realistic opinion, and then if it is closer to 125, start talking to banks.
If your ex really wants out of the payments quickly, have a lawyer draw up a private mortgage from her for a short term like 3 - 5 years, after which you would have to come up with a bank loan.

Fr_Chuck
Jun 27, 2011, 01:57 PM
Agree few mortgages are assumable, but will have to actually be a new loan. They may be using terms to make it sound like you are just taking over the mortgage but I would bet it is a new loan that will pay off the old.