What happens with a mortgage in a divorce?
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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 12 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.
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