Legal Question in Family Law in Colorado
Mortgage assumption
I completed my divorce without legal assistance. I need to know what the procedure is for notifying the mortgage company that I an taking over the mortgage. I have been paying it myself for two years prior to the final settlement. The divorce decree releases my ex of financial responsibility. I earn 1/5 the income of my ex-spouse. My fear is that the mortgage company will force me to refinance and I will not qualify for a loan of this amount. Can they make me refinance? How do I get the mortgage into my name alone?
1 Answer from Attorneys
Re: Mortgage assumption
The mortgage company does not care that you are divorced. The divorce decree does NOT release your ex from financial responsibility. The mortgage company cannot force you to refinance. The only way you can get the loan in your name alone is to refinance. If you default, the morgage company will seek payment from your ex-spouse.
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