Whats A Divorce Got To Do With Your Mortgage Refinance

Whats A Divorce Got To Do With Your Mortgage Refinance



What’s a​ Divorce Got to​ Do With Your Mortgage Refinance?
Love is​ lovelier the​ second time around,​ croons a​ Sinatra CD in​ the​ background .​
In your case,​ it’s about falling in​ love with another,​ bidding your old flame adieu and getting a​ mortgage refinance to​ put the​ divorce to​ rest.
When Love is​ Gone
When love leaves,​ the​ travails of​ married couples begin .​
Everything about their partner is​ gross,​ unappealing,​ and irritating .​
Life becomes a​ struggle to​ keep up with the​ pretense that things are okay.
When you’re the​ aggrieved partner,​ you​ silently wish that things will suddenly take a​ better turn,​ especially with an​ unpaid mortgage .​
Refinance plans have to​ take a​ backseat for a​ while,​ so,​ no go.
Not all divorces end well,​ but for those who want more money from their house faster,​ they’ll settle fast and work around their mortgage .​
Refinance is​ usually another exit of​ a​ relationship and to​ get the​ spouse out of​ the​ house fast.
What to​ do Before the​ Divorce
There’s no reason for couples to​ fight like wildcats over property bought during their marriage .​
If you’re in​ this mess,​ try to​ convince your spouse to​ talk it​ over like politically correct adults.
Issue number one to​ be discussed is​ the​ custody of​ the​ children .​
Both of​ you​ must understand that the​ children need both of​ you​ in​ their lives .​
Work it​ out between you​ with the​ children’s well-being in​ mind.
The second issue is​ the​ home .​
Equally divide the​ value of​ the​ house,​ subtract the​ outstanding balance of​ the​ mortgage and calculate the​ remaining equity and split it​ between the​ two of​ you​ 50-50.
If you​ want to​ keep the​ house,​ you’ll have no choice to​ but to​ get a​ mortgage refinance to​ pay off your spouse .​
Untangle the​ legalities and ask the​ lender about your options as​ a​ divorcee.
During the​ Divorce
If you​ have opted to​ buy out your partner,​ get an​ appraiser to​ have an​ accurate assessment of​ the​ property before splitting your spoils .​
The value should then be entered in​ the​ divorce settlement agreement.
If you​ one of​ you​ has no idea about the​ appraisal values,​ then get your own appraiser just to​ be sure everything on​ paper is​ accurate .​
a​ real estate broker can also give you​ an​ idea of​ the​ current sales value of​ the​ house .​
Also ask your lender about the​ exact balance of​ your mortgage.
If you​ have agreed not to​ get the​ house,​ despite your contributions towards the​ monthly payment,​ pack up and go .​
You’ll still be getting your share of​ the​ equity .​
If you​ got the​ kids,​ you​ can temporarily stay at​ your parents or​ a​ sibling,​ or​ stay in​ the​ house until the​ dust has settled.
Things to​ Watch Out For After the​ Divorce
If your spouse got the​ house and is​ paying for the​ mortgage,​ be prepared .​
If he or​ she fails to​ pay the​ mortgage,​ your credit ratings will be affected and getting a​ loan for yourself will be difficult .​
This is​ because mortgage companies or​ lenders have signed a​ contract bearing both your names and can follow up on​ repayment of​ the​ loan from the​ two of​ you.
If both of​ you​ are jointly tied to​ a​ debt,​ investigate ways to​ have your or​ your ex-spouse name removed .​
As a​ parting shot,​ make sure that if​ only your spouse is​ obligated to​ a​ lender,​ he or​ she is​ responsible,​ not you​ .​
This is​ your way to​ get a​ mortgage refinance when you’re starting all over again.




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