Getting an assumption on a mortgage?
My boyfriend and I had bought a house together, but now are parting ways. He wants me to move out of the house (with my dogs) so he can clean it up and sell it. (I don't care about getting any money out of the house or making any profit from the sell...he can have it.) I just need to remove my name from the mortgage and keep just his name on there so that I can get a loan for a house on my own. He can handle the current house's payments on his own, but I won't be able to get a loan if lenders see that house on my debt-to-income ratio. I asked the bank we have our mortgage with about refinancing but she suggested getting an assumption instead. I want to know if getting this assumption will hurt my credit score and also, after my name is off of the mortgage, am I for sure 100% liability-free from the house...or is there a catch? I don't want it to show up on my credit score if I'm not paying for it. Help? Advice? Thanks.
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