keep the house after divorce? financial advisor?

[Reburn]

Seems some of advice here is missing or underestimating the on going value in that 2.5% interest loan.

I think everyone understands the value of the interest rate. But, to the best of my knowledge you can not just remove someone off a loan. I have always seen it require a new loan. Wether it be a car of a house. I think you would agree sharing an asset legally on paper with someone you are trying to get away from is a horrible idea.

 

[Boarmaster]

I think everyone understands the value of the interest rate. But, to the best of my knowledge you can not just remove someone off a loan. I have always seen it require a new loan. Wether it be a car of a house. I think you would agree sharing an asset legally on paper with someone you are trying to get away from is a horrible idea.

So before I just abandoned the idea of keeping the house and low interest loan I would talk to my attorney about what avenues there are for getting her off the deed and getting her released from the mortgage. I would ask the bank for a mortgage assignment from my wife and me to me. A quit claim deed would get her off the ownership. She sure isn't going to agree to that if she isn't off the loan.

This may not be easy as the bank probably isn't too motivated to continue on with that low interest loan. If it doesn't work out then it doesn't work out. But I would know all my legal and banking avenues before tossing in the towel.

I do agree that I would not want to be partners with my ex, not in anyway shape or form. If that is the only option then I would be looking for a new house.

 

[KenLee]

So before I just abandoned the idea of keeping the house and low interest loan I would talk to my attorney about what avenues there are for getting her off the deed and getting her released from the mortgage. I would ask the bank for a mortgage assignment from my wife and me to me. A quit claim deed would get her off the ownership. She sure isn't going to agree to that if she isn't off the loan.

This may not be easy as the bank probably isn't too motivated to continue on with that low interest loan. If it doesn't work out then it doesn't work out. But I would know all my legal and banking avenues before tossing in the towel.

I do agree that I would not want to be partners with my ex, not in anyway shape or form. If that is the only option then I would be looking for a new house.

Bank is losing $ on the loan as is. Why would they want to help and have one person on the hook vs 2 ?

 

[Reburn]

Bank is losing $ on the loan as is. Why would they want to help and have one person on the hook vs 2 ?

You also have to remember that loan has likely been packaged and sold a couple times and is owned by a different company then the place it orginated at. Changing who is on the loan and how much its for requires it be underwritten again.