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Updated over 1 year ago on . Most recent reply

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Sam Honch
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Divorce settlement - mortgage transfer

Sam Honch
Posted

Hi All! 

I am trying to support a friend (spouse 1) who is going through a divorce with spouse 2. It seems that spouse 2 is leaving the house for spouse 1, but would like to remove their name (spouse 2) from the loan. Unfortunately, spouse 1 would likely not be able to get a loan on their own, and would have to sell the house upon receipt. My desire is to step in and potentially purchase the house / take over the mortgage so spouse 1 can continue to live there, and I can rent out the other rooms (hopefully giving spouse 1 a good deal on rent and some monthly payment) The current loan is also at an awesome rate (2.75) so it would be a shame to lose that. Is there a possibility to keep that rate, while taking over the deed / mortgage. Will spouse 1 need to reapply for the loan after the divorce process is closed? I’ve never encountered this scenario, so I’d greatly appreciate some guidance! 

Thanks for your consideration! 
-Sam

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