One of the main issues to consider early in the mediation process is what to do with the family residence. Often one party wishes to buy out the other’s equity in the property. Before any agreements can be reached, it must be determined if the “buying” spouse can qualify for a mortgage in his or her name. … Continue reading Avoid a Housing “Crisis” – Plan Now for an Equity Buy-Out Later
Often times in a divorce situation, one party may decide to move into an existing rental/investment property they retain through the divorce settlement and make the rental property their new primary residence. Makes sense when you need to find new housing anyway! It is important to recognize; however, there may be a tax consequence for … Continue reading Thinking of moving into your investment property after the divorce?
New home buyers are often required to be preapproved for mortgage financing prior to submitting an offer to purchase a home. This standard procedure is done to show not only the buyer’s good faith but their financial strength to the sellers. Is it beneficial then for divorcing spouses retaining the marital home to seek preapproval … Continue reading Divorcing Homeowners Should be Pre-Approved to Refinance the Marital Home
Divorce can be intricate, tricky and emotionally overwhelming. When you have to relocate, find new housing and decide to rent or purchase a new home, you pile on additional tasks and frustration. Many divorcing spouses understand the financial benefits of owning a home rather than renting. While obtaining mortgage financing on any given day may … Continue reading Should You Buy a New Home with Cash in a Divorce?
At what point in the divorce process should you start working with a mortgage professional? The marital home is typically one of the largest, if not the largest, marital asset. In a divorce situation, it may also be one of the largest items of contention as well as emotional attachment. Do you sell the home, … Continue reading The Divorce Process and Mortgage Financing