I cannot get a home equity loan until it's removed. Can this be done without paying an assumption fee to the mortgage holder or more money to a lawyer?
You and your husband can execute a quitclaim deed to you only conveying all rights to the property. Whether or not you should do this without a lawyer is a different issue, because there are other steps required in filing a deed with the county clerk's office that need to be prepared, and recording fees to be paid. However, this can probably be done for a reasonable fee. I cannot comment on the matter of the mortgage and whether there are any assumption fees, but having the property conveyed from one spouse to another is a common occurrence following a divorce.
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Real Estate Attorney
Be aware that changing the names on a deed may be cause for your mortgage lender to accelerate the mortgage note - meaning if you do not first obtain your lender's approval to change the names on the deed, and do so anyway, your lender will likely require you to pay the entire amount owed. A review of your mortgage loan documents should provide some guidance.
It's been my experience that when one of the owners takes exclusive title, the mortgage lender requires refinancing to put the debt entirely on the new owner. Because these are both serious consequences, I strongly advise you to retain counsel to assist you in this matter. I wish you the best.
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