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Bill would ease mortgage assumption after divorce; lenders raise retroactivity and implementation concerns
Summary
HB1018 would require lenders to disclose and allow qualified assumptions of certain conventional mortgages during divorce proceedings so a spouse who remains in the home can continue the existing loan under qualifying conditions.
Delegate Andrew Pruske told the committee HB1018 would require mortgage lenders and servicers to include a provision in mortgage documents authorizing qualified borrowers to assume a conventional mortgage in select divorce decrees, and to disclose assumption options to applicants.
Proponents said the change could allow divorcing spouses to preserve low historic interest rates and housing…
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