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Senate bill would let homeowners assume mortgages after divorce; sponsors seek retroactive effect
Summary
Senate Bill 6-89 would require lenders to allow mortgage assumptions after a divorce, provided the assuming party meets credit and income requirements, and would compel written disclosure about assumption rights; sponsor seeks retroactive effect for some borrowers.
Senate Bill 6-89, introduced by Senator (Guil) Guile, would ensure that home loans in Maryland that are not already assumable in divorce become assumable provided the assuming party meets usual creditworthiness and income criteria. The bill would also require lenders to disclose in writing an assumption provision before completing a loan application.
Sponsor and witnesses described cases where borrowers pursuing a mortgage assumption after divorce were…
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