No. of Recommendations: 1
Hi Bruce,

I have been divorced for 25 years. A part of the settlement with my Ex was to get our townhouse, she would assume the loan, and I would guarantee the loan (30 yrs).

Since you say she 'assumed' the loan, I am assuming that a new loan was not put in place at the time with her as sole signatory, but rather the existing loan with both of you liable remains in place, yes?

If this is the case, you ought to be able to simply call customer service at the lender to check on remaining balance, and ultimately whether (when) it has been paid off. I don't see a need for an attorney, unless she sells via private financing such the a new buyer is taking over the existing mortgage payments.

If you want some further degree of knowledge (if not control) of how the final sale terms are worked out, I suppose you might be able to wedge yourself into the chain of title with a lis pendens... perhaps JAFO can pipe in with better lawyering ideas.

Dave Donhoff
Leverage Planner
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