Divorce and Your Home's Mortgage

The Sandon Group
Trusted Mortgage Advisors

Divorce and Your Home. There are many questions you might be asking at this time, particularly surrounding your home. We are here to help. Let’s first break down some of the basics.

“I think I want to stay in my home…what do I need to keep in mind?” First, take into consideration the size of the home, utilities, payments, family needs. Does staying in the home truly make sense? You will likely now be entirely responsible for the mortgage payments on the house, taxes, insurance, upkeep, maintenance and other related bills. Your household income may be decreasing, and your overall expenses may be increasing if you are subject to a court order for support, so it is important that you are aware and thorough in determining what your actual expenses will be in keeping and maintaining the home on your own.

“What if I do want to purchase another home before the divorce is final?” This may be possible, but be aware that your spouse may have a marital interest in your new property, and it will need to be handled by your attorney with a Quit Claim Deed being given from your ex-spouse to you. You will also have to qualify for a new mortgage using the full debt from the current homes mortgages, because there would not yet be a final divorce decree assigning ownership. Be very careful with this situation, especially as the financial situation you expect…may not be the final result, once the decree is entered.

Taking the time to talk with us during this process and before you decide to start looking at a new home can help eliminate many of the concerns or questions that often surface in these situations. We understand this may be a very difficult time, and you have many decisions to make. We can provide you with a free financial consultation, credit check, and mortgage strategy review – so that you have the answers and information you need to make good decisions.


The Sandon Group
www.sandongroup.com
(813) 319-6500