Your Home is probably your biggest financial asset and it may seem difficult to obtain mortgage financing after or during a divorce, but when you work with us it doesn’t have to be!
With most couples, their principal residence is their highest value asset and the equity in that home is their single largest financial resource. Despite this, if there are children in the picture then this home might be the best place to keep stability while they adjust to the changes brought on by divorce. Mortgages after divorce or mortgages during divorce have some unique traits that lenders need to fully understand. When you learn about how divorce affects assets and how lenders treat mortgage financing after a divorce it can seem much easier than you may have thought.
When you file for a divorce, your assets, such as your properties and savings (minus liabilities), will need to be divided according to your net family property. Dividing these items equally without expensive legal bills is the ideal solution. Being combative and fighting over money is absolutely the very worst use of your time and resources. A mortgage during a divorce can be a simple process if you choose a mortgage professional that knows how to ask the right questions and gather the right documents.
As if divorces aren’t already difficult and exhaustive enough, breaking up your mortgage and having to work with lenders that do not quite understand the complexities around the division of net family property or child and spousal support adds more strain to the process. It is not your responsibility to educate your chosen financial advisors and mortgage lender on the complexities of this asset division during a divorce. In a world where more than roughly 50% of marriages end in divorce, your situation is not a new one and your financial professionals should have a thorough understanding of the way these things work.
Not only do you have legal considerations and bills, but you also have real estate matters to deal with. It’s not enough to sit at a table with your soon to be ex-spouse and your lawyers to conclude what will happen to your home. As far as the lender is concerned, you really only have 2 options: sell your home or refinance it. In either case, you’ll need a financial professional with expertise in the area of family law with the ability to clarify the situation and fully assist.
How do you handle situations where one of individuals involved in the divorce wants to keep the house? What if one partner is unable to buy out the other? What if both want to keep the home? What if you want to purchase a new house for yourself but your name is still listed on your old mortgage? These are all common issues for individuals seeking mortgages during divorce that have relatively simple solutions for someone who knows what they are doing within the fields of mortgages and divorce.
Split Up The Mortgage Peacefully!
In addition to a lawyer, what you need is someone who can answer the above questions and more. Someone with knowledge of the ins and outs of real estate and mortgage matters during a divorce. You need a professional who understands how assets are divided, how child and spousal support are determined, and how to position this with your lenders. This is where we come in. We have the education and experience in helping individuals during this often difficult time and know how to make this difficult process easier.
Get In Touch With a Professional
When you call Mortgage Tailors, we will be able to advise you on how to make this difficult period easier for both you and your spouse. The divorce process is already a very stressful one and our expertise can help save you considerable time and money. Financial fights after a divorce will only determine who will lose more and there are never any real winners. Let us help you explore your options given your situation and help you take care of your mortgage decisions once you’ve made up your mind on the best course of action for you and your ex-spouse.