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Has anyone successfully gotten Wells Fargo to let them assume a mortgage?

Discussion in 'Wells Fargo Home Mortgage' started by Divorceetobe, Jan 11, 2014.

  1. Divorceetobe

    Divorceetobe LoanSafe Member

    It's a conventional loan, not VA or FHA. I'm getting divorced and keeping the house. I can refi but if possible I'd rather assume the current loan because it's a lower interest rate. I've started the process with Wells Fargo but it apparently takes months. I'm wondering if anyone has gone through with this and if it's worth holding off on a refi waiting for them to decide whether to allow me to assume the loan, or if I should just go ahead and refi. I should qualify financially; I'm just not sure they will actually do this as there is really no incentive for them to.
  2. TomEason

    TomEason LoanSafe Guide Staff Member

    If it were me, I wouldn't bother with a formal assumption - way too much trouble, especially with WF. I'd simply take title to the house subject to the WF loan. It's much easier. Although the note likely contains a due-on-sale clause, WF won't enforce it, and they likely will never know.
  3. Divorceetobe

    Divorceetobe LoanSafe Member

    Thank you for your response. The reason I want to do an assumption is to get my ex off the loan. Our separation agreement provides that I have to attempt to do so. I might just refi and be done with it. By the way I read about the due on sale clause but there are exceptions where it is not enforceable (see section d in the link below) and I'm comfortable that my situation is one of those. Thanks again!

    12 U.S. Code | LII / Legal Information Institute
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Unfortunately, conventional loans are very difficult to assume in today's market - only FHA and VA loans generally allow this option. A refinance will likely be the only way to remove your ex from the mortgage.

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