As of the 2010 census, there were 56 million married couple households. Because the divorce rate ranges from 40-50%, a lot of people need divorce loans.
That being said, we think it’s about time we discuss how to navigate your mortgage when going through a divorce. Here at Mortgage Specialists, we try to make the process as seamless as possible.
Evaluate the Details of the Situation
The first thing we will do is get familiar with your situation. After that, we’ll look into how your current mortgage and title are set up to determine which options will be easiest for you and your spouse.
We’ll need to take into consideration current family debts and who is obligated to pay which payments. If alimony or child support are involved, we’ll need to be able to factor in when the spouses can expect to pay or receive those payments.
Present Options for Refinancing and Purchasing
After familiarizing ourselves with your situation, we will present you with your options. Our clients generally choose one of two divorce loans: sell the home or have one spouse take over the mortgage.
When they have a considerable amount of equity, clients often choose to sell their home and split the profit. If you decide to take this route, we can facilitate a mortgage on your new home.
The other option is to have one spouse take over the mortgage. In order to do so, the spouse would need to qualify for the mortgage on their own. If they meet those requirements, the loan often needs to be refinanced in their name. However, if the departing spouse’s name is on the title but not on the loan, there is no need to refinance. You will execute a quitclaim deed which essentially relinquishes the departing spouse’s ownership.
And, of course, we would be more than happy to help the departing spouse with a mortgage on a new home.
Work With Attorneys
One of the things that separates us from other lenders in the area is that we will work with your attorneys to ensure that all of the necessary steps are completed. Our commitment to communication makes the process as smooth and efficient as possible.
Please don’t hesitate to give us a call at (402) 991-5153 if you have any questions regarding divorce loans. We’re available to help whenever it’s most convenient for you.