Home Loans and Support

Assumption Dept and Divorce

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by still waiting forever, Jan 28, 2010.

  1. still waiting forever

    still waiting forever LoanSafe Member

    Has anyone gotten Chase to assume the permanent modification in one's name going through a divorce? I would like to know if anyone has actually spoken to the assumption department from Chase? The rep I spoke to in loss mit says they are doing this now. Anyone going through a divorce and keeping the property with any feedback would be greatly appreciated.

  2. rcamiller

    rcamiller LoanSafe Member

    I am in the same boat and am still in "underwriting" SINCE AUGUST! I hope we see some movement soon.
  3. l2snwbrd

    l2snwbrd LoanSafe Member

    I have been told by loss mitigation at citimortgage that I could talk to their assumptions department after I have gotten a modification and get the ex's name off of the loan. I have also talked to the VA and they tell me that they would work with me to get the ex's name of the house since I am the vet. I don't know if this helps you at all, but I just wanted to let you know that I have heard similar things from my mortgage company. So maybe this is actually happening. It would be nice to hear from someone that has actually accomplished this though. Good luck to both of you!!
  4. rcamiller

    rcamiller LoanSafe Member

    I had contacted the Assumptions department prior to applying for a modification. They told me the only way you can assume the loan with your ex getting a release of liability is to requalify on your own. Pretty much impossible with an underwater property. You can do an assumption without release by filling out some papers, getting them notorized, and getting your ex to sign a quick claim deed. The forms are on the Chase website. I held off becuase they said it might be possible to remove him during the modification process. He signed a quit claim deed so right now it is pretty much the same as an assumption with out a release. I'll keep you posted if I ever get a modification to find out how Chase handles it.
  5. still waiting forever

    still waiting forever LoanSafe Member

    RCAmiller you have been in underwriting since August? So you been paying the trial for 6 months. So what is the hold up? What are they saying to you. When was the last time you talked to assumptions? I keep calling the 888 number and get disconnected after I put in my social and zipcode. Loss mit says it might be since I am past due? He said usually loss mit is for current. I have been faxing them twice a day this week asking someone to call me regarding this matter. Still no calls.

    My ex is acting like jerk and now not cooperating. He signed the trial and the property settlement stating he will be signing over the rights and liability to me. My lawyer is holding the deed to be recorded after this mess.

    I just want to know if they will allow me to assume the mortgage after it is permanent modification in my name solely? :confused: My ex will not sign the divorce decree since his name is still on the house. The mod was ran with all of my info and hardship explained situation. They told him that the only way he could get his name off was if we sold the house or refinanced. There is no way I can refi as my credit is screwed now. Always had perfect but him walking out and 6 months for chase to approve us screwed me all up. He hasent paid one last dime since he left in sept 08. In june 09 I applied a called every other day. Its pathetic that Chase doesnt have there shit together. Just scare all of this fighting was for nothing. ... :mad:
  6. rcamiller

    rcamiller LoanSafe Member

    I wish I were on a trial. I have been in complete limbo since May and told I have been in "underwriting" on and off since August. I thought I had a great plan of applying for a modification and taking a loan against my 403b to stay current on my mortgage while going through the process. I am so afraid of ruining my credit since I am a single parent, have no savings, and don't have family members who could help if an emergency should arise. Credit cards are the only emergency funds I would have. That was probably a very bad idea, I am going to take a tax hit this year so I don't have to pay back the loan (I couldn't pay it if I wanted to), the money is gone, and since I have managed to stay current by cutting every corner possible (including heat) and supplimenting with the 403b loan I think Chase is waiting me out. I hope the supplimental directive that came out today will get things moving along. Hope isn't any help unless you are on a trial and Chase hasn't attempted to offer one. My file is escalated and I was told earlier this month it wouldn't be much longer, however the timeline I was given has come and gone.
    I hadn't been calling a 888 number, I had been calling 1-866-550-5705 until my file was escalated to a member of the Executive Resolution Department. Since then I have only been able to speak with my contact as the CSRs at the 866 number state that they can not speak to me since my loan has been escalated.
    I am sorry your ex isn't being user friendly. Perhaps you could get him to understand that if the house goes into forclosure it will hurt his credit for a long time and helping you try to get the house modified could be in his best interest. In terms of your divorce has your attorney suggested that you proceed and go before a judge? It might be a way to get things going and allow you to start rebuilding your life. Unfortunately many people getting divorced want to see the other person out of the house as well, no matter what the cost.
  7. tnamrofni

    tnamrofni LoanSafe Member

    Will you please tell me where i can find these assumption without release papers online, because chase is telling me i have to qualify forthis loan after my divorce, and there is no way with the bills i received in my divorce, please help
  8. rcamiller

    rcamiller LoanSafe Member

    I tried to look online but was not able to locate it. I am no longer with Chase as I was transferred to IBM LBPS in August 2010. I had requested an assumption packet from Chase and there were several options for assumption. Please be aware that the option to assume the loan without the release of liability basically removes the other party’s rights to the property but they are still liable for the debt. They would have to agree to it and in the case of divorce few ex-spouses will agree to carry a debt that they have no entitlement to. The only way they can get released from the liability is if you refinance or assume the loan with full qualification for a refinance. In the end my ex signed a quick title deed which removed him from the deed but not from the debt. He did this so I could go forward with a modification request which eventually I was able to get. He was willing to do it to help me out partly because he was hoping for reconciliation and he didn’t want either of us to lose a home for our children. Most divorces want a clean plate and this involved a lot of trust. He knows that I will always be fair in equitable as I know the same about him. I recognize how fortunate I am.

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