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    dena328's Avatar
    dena328 Posts: 1, Reputation: 1
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    #1

    Jun 27, 2011, 09:03 AM
    what is the lowest cost involved in taking over a mortgage?
    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's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    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's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #3

    Jun 27, 2011, 09:30 AM

    What did the divorce decree say about the property and mortgage?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Jun 27, 2011, 10:17 AM
    Quote Originally Posted by dena328 View Post
    ... 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's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #5

    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #6

    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.
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