What happens with a mortgage in a divorce?
Question Details:
I am in the early stages of a divorce and am wondering about the mortgage. We still have a substantial outstanding balance on the home loan and I am willing to let my ex-wife keep the home - she is currently the co-signer on the home. Through the divorce am I able to relieve myself of the home entirely and let her take over everything or will she have to be approved to takeover the loan?
NEAL POMPER / POMPER & ASSOCIATES
Answered 1 year ago
This attorney is licensed in New Jersey
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She will have to be approved to take over the loan in the event you Deed her the house. Ordinary practice is to give her anywhere from 30-90 days to arrange the financing.
