Start from what you want to change, then find the refinance that fits
After a divorce
Straight answer
A divorce decree can assign the house and the payments to one spouse, but the lender can still collect from anyone who signed the loan until that person is released or the loan is refinanced. The spouse keeping the home may be able to refinance alone or, on some loans, assume the mortgage. The CFPB has reported servicers pushing refinances when other options existed.
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If a refinance is not possible
- Ask the servicer about assumption and release of liability.
- Ask whether the loan can continue as is while the decree is carried out.
- Talk with your divorce attorney about timing and remedies.
People also wonder
What happens if my ex cannot refinance the house?
You may remain liable on the loan. Options include assumption with a release, a sale or remedies in the decree; ask your attorney.