Everyone’s life goes through transitions and sometimes divorce happens.
There are always so many questions as to how to handle the existing home during this divorce transition. By addressing all the issues involved I am hoping to make this transition as streets free as possible for all parties involved.
I am not joking. If you are armed with information and direction you need you can take some of the stress out of a difficult situation.
The questions to look at are:
Who is keeping the house?
Are you going to sell the house?
Can the person keeping the house afford the payments alone?
How will any equity be divided?
Are there debts to be paid?
You will want to speak to a qualified mortgage consultant to help answer all these questions.
It is important to look at the impact to both parties to move forward.
Moving Forward
If you are in the middle of divorce proceedings and you are trying to buy a house,
The big question the always arises do I need a fully executed Divorce Decree?
The answer is this is going to vary lender by lender.
Some lenders will close the loan with a certified letter from the divorce attorney outlying the financial responsibility’s of both parties.
The solution as always is to find a lender to work with who is knowledgeable and who you trust.
If I can be of assistance I am Joni Miller of New Alliance Bank. You can call me at 413-627-2388. I understand life’s transitions and can empathize with what you might need.
Questions or comments about real estate, real estate financing or legal implications of a real estate purchase or sale? Wondering about the divorce process and how it relates to real estate? Confused about short sales? Considering buying a bank-owned home but find the process overwhelming? Contact us here or find me on Facebook.
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