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!

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

What did the divorce decree say about the property and mortgage?

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Originally Posted by dena328

... 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!!

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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.

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.

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.