Question:
We have a borrower who has in recent months divorced from his wife, and had deeded the property entirely to her several months ago. The deed was originally in both names and the mortgage was therefore signed by both borrowers, but the husband was the only borrower on the note. At this point the wife would like to assume the note, as she's been making the mortgage payments herself since long before the property was transferred solely into her name. Neither borrower qualifies for a regular refinance, so an assumption seems to be the only way out of the note for the husband. What disclosures need we present to the wife along with the assumption agreement in order to complete this transaction? Do ROR, TIL, RESPA, and HOEPA apply?
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