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Thread: Assuming a VA loan

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    *Meg*'s Avatar
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    #1

    Assuming a VA loan

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    Hey all, I have not been on here in years but I am getting divorced and I have a question about VA loans.

    ExDH and I bought a house in MD 4 years ago. Its worth more than when we bought it, but we would probably only make a few grand on it a piece after fees and taxes. I don't see him agreeing to selling it and making so little profit. It also has rental potential, and will probably make about $300 a month if rented out. I don't want to be on the mortgage anymore because I just want him out of my life. He was abusive and I really don't want to share the house and responsibility with him. Based on past experiences with him it would not go well and I would end up doing all the work, making all the sacrifices and just be splitting a small amount of money with him. I have been researching having him assume the loan and it seems like it is possible. Does anyone have an experience with that?
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    #2
    I've done something like that before. It wasn't a VA loan, and I think we may have refinanced in order to get my name off the title? But it's definitely possible. I was pretty much in the exact same situation--an abusive ex and I didn't want to have any ties left with him so I just gave up my "half" of the house, which actually ended up being wise as he eventually had to for less than it was worth.
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    #3
    Thanks for your reply. I know we could refinance and get me off but our interest rate is 2.75% and he wouldn't get anything close to that. still an option to bring up to him though I suppose.
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    #4
    Make sure you throughly look into what your liability would be if he assumes the loan. We sold a house as a VA assumable, the couple got divorced, he stopped paying the mortgage and the VA was going to go after us to make up for the losses. He ended up bringing the mortgage back up to date, but it was pretty scary to know that we were still on the hook and might have to come up with some money very quickly.
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    #5
    I would really speak with your attorney on this one. This way, you have a clear direction.
    "Obstinacy is a fault of temperament. Stubbornness and Intolerance of contradiction result from a special kind of Egotism, which elevates above everything else the pleasure of its own autonomous intellect, to which others must bow.: Carl von Clausewitz
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    #6
    I agree that you need some legal help, and am surprised that this wasn't discussed as part of the divorce. I would caution that removing your name from the deed and the mortgage are two separate things. I don't know if a refinance is needed to remove you from the mortgage but the deed should just be filing and fee.

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