Divorce a home purchase

Home Forums Purchase Program Divorce a home purchase

This topic contains 1 reply, has 2 voices, and was last updated by  TTrumble 2 months, 3 weeks ago.

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  • #47686

    I’ll try and be brief
    My car is $170
    My student loans are $160
    My mortgage is $890
    However my divorce papers indicate I’m no longer responsible for the house as I have an apartment. What are my chance of being approved? My ex has 2 years to get the house out of my name. It’s part of the settlement. I have the pre meeting event this Saturday.

    #47693

    TTrumble
    Member

    Hello jeffreyj06@gmail.com,

    I’m afraid you were too brief. That’s nowhere near enough information to make any sort of prediction or judgement.

    What I can tell you is that until she gets the house out of your name, the divorce decree stating that you are no longer responsible for the house isn’t acceptable. Divorce courts do not have the authority to legally reassign debt, only to declare which spouse has to pay for it after the marriage has been terminated. Assuming you were on the loan to begin with, you are still legally liable for the loan until such time as she refinances or does a full assumption of the loan.

    The best thing you can do is go ahead and get started in the program. Once you have had your initial counseling session, your counselor can tell you what the best course is for you in becoming a homeowner once again.

    Tim Trumble
    Online Operations, NACA
    ttrubmle@naca.com

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