Divorce loans: Making the transition
Divorce is never an easy time. During this transition, Mortgage Specialists can help refinance the house for the person who will be staying there. We also can help the spouse who’s moving to obtain a mortgage on a new home.
First, we’ll look at your current loan and title to see how they’re set up. If the departing spouse is on the title but not the loan, you will only need to execute a quit claim deed. Refinancing will not be necessary.
We’ll also review the details of your separation agreement. It needs to be fully executed and signed so the new lender can confirm who will be staying in the home. In that agreement, you’ll need to explain how the equity will be divided between the two of you.
Further steps will depend on whether child support and/or alimony will be involved in the final agreement.
Whatever your situation, the experts at Mortgage Specialists will:
- Evaluate the details of your situation.
- Present options for refinancing and purchasing.
- Work with your attorneys to make sure all steps are completed successfully.