What happens with a mortgage in a divorce?

Get Legal Help Today

 Secured with SHA-256 Encryption

What happens with a mortgage in a divorce?

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?

Asked on January 3, 2012 under Family Law, Montana

Answers:

NEAL POMPER / POMPER & ASSOCIATES

Answered 9 years ago | Contributor

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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption