How to Handle a Mortgage After Divorce
Divorce can be complex and certain steps need to be taken so that both you and your departing spouse can both go on with your lives. Finding a strong divorce attorney will help you navigate all the complexities of a divorce.
One of the complex issues during a divorce is property settlement. Property settlement is never fun. It can be complex when you are dealing with real estate. One way to deal with a mortgage when you are getting divorced is by refinancing so the mortgage is only in one person's name.
Refinancing A Departing Spouse off Your Mortgage Loan
Refinancing off your departing spouse is vital for both of you to move on. Here are some steps you can start taking now to ensure that the refinance is not a difficult one.
- Make sure your departing spouse is on the loan and the title. If only on the title, then you will not need to mortgage refinance. You can simply do a quit claim deed from a notary, deeding her/him off the property.
- Have your separation agreement in writing and fully executed and signed, so the new lender can see exactly who is getting to keep the home.
- Decide exactly how much equity (cash), if any you are going to give your departing spouse, a document that in the separation agreement.
- If you are getting divorced in addition to getting separated, then we will need a copy of the signed divorce decree as well.
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