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A Curious User
2 months ago
I am still on a mortgage with my ex-spouse, who has resided in the house that we share a mortgage on, and has paid for it solely and on time for the past 6 years. That house and mortgage are also deeded to my ex-spouse in a quitclaim deed in our divorce. With appropriate documentation, can the monthly payment of that mortgage be withheld from my DTI when I apply for an FHA loan for a house of my own?
 
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Joe Wallace... Answered 308 more questions
2 months ago
The answer depends greatly on the laws of your state, lender standards, and the legal status of your obligation on the original loan at the time you apply. If the lender views the arrangement mentioned in your question as a "contingent liability", the following may apply from HUD 4000.1:

"A Contingent Liability refers to a liability that may result in the obligation to repay only when a specific event occurs. For example, a contingent liability exists when an individual can be held responsible for the repayment of a debt if another legally obligated party defaults on the payment. Contingent liabilities may include Cosigner liabilities and liabilities resulting from a mortgage assumption without release of liability."

and

"The Mortgagee must include monthly payments on contingent liabilities in the calculation of the Borrower’s monthly obligations unless the Mortgagee verifies and documents that there is no possibility that the debt holder will pursue debt collection against the Borrower should the other party default or the other legally obligated party has made 12 months of timely payments."
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For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
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A Curious User
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The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to assume the mortgage, given that I now have one income, instead of two.
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A Curious User
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My property is zoned for mixed-use (residential and commercial).
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A Curious User
2 years ago
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
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Matthew Hall... Asked 1 more question
2 years ago
My home value has risen enough within the last year to where what I owe is 80% of the current value of the home according to the county appraisal. I am still a long way off from 80% of the original purchase value. Is it possible to remove the MIP based on the current value of the home?
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