Mortgages During Divorce

Divorce Edmonton

Mortgages during divorce can be a struggle. The matrimonial home is probably your biggest financial asset. It can be difficult to obtain mortgage financing after or during a divorce, however, it doesn’t have to be!

With most, their principal residence is their highest asset and the equity is their single largest financial resource. If children are involved then the home might be the best place to keep them while they adjust to the changes.

Mortgages during divorce or mortgages after divorce have some unique traits that lenders need to fully understand. When you learn how lenders treat mortgage financing with a divorce, it’s easier than you think.
mortgage divorce edmonton

Divorce Process

When filing for a divorce, your assets minus liabilities, need to be divided according to your net family property division. Dividing these items equally without expensive legal bills is the ideal solution. Fighting over money is absolutely the worst use of your time and resources. A mortgage during a divorce can be a simple process if you choose our Edmonton Mortgage Broker Eva Neufeld. She knows how to ask the right questions and gather the right documents.

If divorces aren’t already difficult and exhaustive enough, breaking up your mortgage and having to work with lenders that do not understand the complexities of divorce. 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 financial advisors or 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. Your financial professionals should have a thorough understanding of the way 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. As far as the lender is concerned, you really only have 2 options: sell your home or refinance it. 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 the individuals involved in the divorce wants to keep the house? One partner is unable to buy out the other or 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 the divorce. They are 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 divorce 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

Call your Top Edmonton Mortgage Broker Eva Neufeld, she will advise you on how to make this difficult period easier. The divorce process is already a very stressful one and our expertise can help save you considerable time and money. Financial fights during a divorce will only determine who will lose more, there’s never any real winners. Let us help you explore your options. If you need recommendations for some good divorce lawyers, we can help give you some options.

 

Looking for more information about how divorces impact your mortgage? Mortgage Tailors are your local Edmonton mortgage brokers. We help with Edmonton refinancing and securing the best Edmonton mortgage rates. Call us on 780.244.0505. We are here to help through this time.