- July 16, 2018
- Posted by: dhfadmin
- Category: Finance & accounting, Financing, Mortgages
Author: Ashley Jalazo
In an era where happily ever after isn’t always the end of the story, many find themselves in a new chapter of their lives titled: Divorced— Now What? If you find yourself in the aftermath of a marriage gone wrong like nearly 47% of other US marriages, you’ll need to know the next steps that are right for you.
First thing’s first: where will each of you live? Co-habiting with your ex isn’t ideal for either party and it should be one of your first priorities when adapting to your new norm. If any of the following apply to you, we can help.
If you owned a home with your ex-spouse:
You have a couple of options here. Of course, one of you could choose to keep the home and the other could find living arrangements elsewhere. However, if both spouses’ names are on the mortgage or deed, this can be quite tricky. A document called a quitclaim deed can be completed with the help of an attorney in order to remove a spouse’s name from a deed. Unfortunately, this will not do the same for a mortgage; in fact, a borrower’s liability can be extremely hard to erase from a mortgage without selling or refinancing a home.
Therefore, selling the home may be the best way to part with your asset. This path would eliminate the problem of removing a spouse’s name from a deed or mortgage. Of course, there is no easy solution, and many run into problems when deciding if moving is a viable option, especially if kids are involved.
If, instead, one party chooses to keep the home, odds are they will have to consider refinancing it. Qualifying for a loan post-divorce can be difficult for numerous reasons, such as documenting a two-year work history or managing newfound alimony or child support payments on top of all prior expenses. Whatever obstacles may stand in your way, talking to a loan professional can put you on the right track. If you wish to connect with one, click here.
Whichever choice you make, know that Dream Home Financing can offer you the resources that you need.
If you are looking to purchase a home for yourself, post-divorce:
Divorces are expensive, we know. Some fall into the $15,000-$20,000 range due to legal fees. When those bills are piling up, investing in a new home may be the furthest thing from your mind. But you should know it’s not out of reach. In fact, we’ve detailed some tips for first steps you should take when looking to apply for a loan.
The process may seem overwhelming but talking to a loan professional can help you find the best way for you to finance your dream home. They’ll find unique programs that fit your lifestyle and needs. There are special loans for veterans, those who live in rural areas, and other characteristics. Some lenders even offer loans for the recently divorced. You can talk over all these options, amongst others, with a loan professional here.