Would a real estate loan need to be re-done for the purpose of divorce? The divorce decree has been recorded with the new deed in only the name needed, but the bank is saying that is the only way to get the other party off of the loan documents itself. Could we modify it, since it has been recorded in the name needed?
The divorce decree does nothing to alter the loan note and mortgage on the property, even if recorded. The spouse who is keeping title to the property will have to apply to the lender holding the mortgage deed or deed of trust to assume the loan or refinance it. He or she will have to meet the lender's criteria for creditworthiness.
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The divorce decree does nothing to alter the loan note and 