Marty Searing
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Tips for keeping your home in a divorce
Tips for keeping your home in a divorce - Many times in a divorce it may be possible for one of the spouses to refinance and keep their home.

In Texas, the spouse who is keeping the house needs to pull out the equity, if there is any left, through refinancing and give it to the other spouse. Though there is 80% LTV limit when someone pulls the equity out of their homestead, the state will let you go over 80% LTV when you are pulling the equity to pay off the other spouse. Also, this transaction won't be considered as a Texas Cash Out.

To keep your home in a divorce you can always request that you keep the home and refinance to get your husband/wife off of the loan and/or title. By keeping the home and refinancing with a cash out refinance you can also pay him/her off with either her share of the equity or whatever court-ordered amount you are required to pay him/her.

It is very important to keep paying your mortgage payments on time during and after a divorce. The delinquency of a mortgage payment can adversely effect your credit score. This in turn will limit the types of loan programs you can refinance under.

Make sure that your spouse refinances right away. If they do not and fail to make paymnets it can affect your credit. Most divorce decree's state a specific date that the loan has to be refinanced by.

There are currently 9 community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.


In these nine states, any property that was acquired before the marriage stays with the person who acquired the porperty. Any property that was acquired while the couple was together, must be split directly in half. It does not matter whose name the mortgage is in, or who actually acquired the property, the only exception being inheritances and gifts (in some states).

You should consult your local divorce attorney to see what you are entitled too.

If you are a "displaced spouse" as a result of a divorce, you may qualify for some first time buyer programs.

Steps to take after divorce or loss of a spouse - While the loss of a spouse through death or divorce is emotionally devasting it doesnt have to impact your credit.
1. Pay your bills on time. Late payments lower your credit rating
2. Establish credit in your own name with credit cards, loans, a mortgage.
3. Be prepared & proactive, consult professionals for Insurance, health, financial & legal plans to protect your family.
4. Consult a Mortgage Broker, even without credit in your own name there may be refinance and home owners equity programs available for your needs.

Make sure that you have your name removed from the joint accounts that you had with your spouse after a divorce or that the joint accounts are closed and paid off. If you do not take the necessary steps to remove yourself from those joint accounts, any joint accounts that you may have had with your spouse can negatively affect your credit if your ex-spouse decides to stop making payments or gets behind on his/her bills. Even if the divorce decree states that your ex-spouse is responsible for certain accounts and you never have your name removed from them it can cause serious credit problems if your ex-spouse is not able to make the payments at any point in time. You may be able to have your credit report fixed, however it could take a lot of time and a lot of work to fix repair your credit after negative items have appeared on your credit report.

Divorce and your credit rating. - Going through a divorce can be a difficult time emotionaly as well as financially. There are many things to consider when going through a divorce to help protect your credit rating due to a split up of incomes and assets.

You can often settle your divorce by doing a cashout refinance and pay off your spouse. Give us a call at 414-303-1215 or email at msearing@mayfairmortgage.com to review your case.

Any credit cards, installment loans or any other debt may be in both spouses name and if no payments are made or payments are late it may affect both credit histories affecting your credit scores and the ability to get a mortgage on the terms that you would want.

If you divorce, you may want to close joint accounts or accounts in which your former spouse was an authorized user. Or ask the creditor to convert these accounts to individual accounts in order to help protect your credit.

Even though your former spouse may be obligated to pay a certain debt through the divorce, if they do not, it is still going to affect your credit if you do not remove yourself from the account. Just because you and your spouse are no longer together does not mean that you are not obligated to pay a debt that you originally agreed to pay.

Instead of dividing assets and debts, it often makes more sense to sell assets to pay off debts. Then divide the remaining assets.
If you do not, the court will divide the debts, including credit cards, mortgages and car loans. The lenders aare under no obligation to remove you from your ex-spouse's obligations. In fact, your ex-spouse may not qualify to refinance those obligations.
Even after your divorce is final, you may find yourself tied to him or her financially for many years to come.

Divorce Buy-Out - In the case of divorce, it is possible for one spouse to buy out the others interest in their former marital dwelling.

Divorce can be a very emotional process, and decisions are often made during divorce proceedings that can affect both parties and their children for the rest of their lives. If you are contemplating how to divide, transfer or buy out your husband or wife in a divorce, it is imperative that you select a mortgage specialist with experience handling these matters. Using the right broker can help you remove emotion and have someone involved whose main interests are aligned with your own.

A divorce buy-out is a very common type of refinance loan, especially with the rising number of divorces that happen throughout the nation each year. Working with a professional and experienced mortgage loan officer on your refinance for your divorce buy-out loan is very important. Please call 414-303-1215 or email at msearing@mayfairmortgage.com to speak with a loan officer that is experienced in this type of financing.

Buying out a spouse alone is generally not considered a cash-out transaction, as you are simply paying off a lienholder.

Never try and work out a divorce buy out settlement amongst yourselves. Always work with a seasoned mortgage broker and your divorce attorney to ensure both parties are equally protected.

It is important for the displaced spouse to be removed from the current mortgage obligation and deed by paying off the current lien. A mortgage holder will generally not remove a borrower from a mortgage or relieve them of the obligation for any other reason.

  

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