How Do I Take Over the Mortgage from My Ex-Husbansd?
Full Question:
I am divorced, my ex has offered to sign a quick claim deed to property so that i can take it over. Found out my name is not on the note. They said he could fill out a power of attorney form and that would take care of it. I looked online and there are different forms. I'm not sure which one to get and if that will solve the problem.
10/01/2010 |
Category: Real Property |
State: Indiana |
#23309
Answer:
We’re assuming that what you’re trying to do is take over the mortgage on the property. In order to take his name off the mortgage and put your name on it, it would need to be an assumable mortgage. Otherwise, you may need to refinance the property to get the mortgage in your name.
A power of attorney is used to appoint someone an agent to act in your behalf when you are unable to do so yourself. The parties to a contract, such as a loan, can’t be changed through a power of attorney, the loan would typically need to be assumed, assigned, or refinanced. We suggest you contact the lender.