refinancing mortgage during divorce
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In the midst of your divorce, you’ve probably discussed separating your assets, but you might be less inclined to talk about who’s going to take responsibility for shared debts. Most courts will.
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According to Bankrate, the average divorce costs $15,000. you might be able to refinance into a new loan that is solely under the name of you or your spouse. The same holds true for a mortgage.
Sometimes the person that keeps the home in a divorce doesn’t have sufficient income to refinance the mortgage. In other instances, the spouse has lost his or her job and can’t refinance the debt. And, there are times when the value of the home has declined, making it hard to refinance the loan with the amount of equity remaining.
When you consider that 40-50 percent of marriages in the U.S. end in divorce, it shouldn’t surprise. In that case, Boyle says most couples go to their mortgage company and ask it to approve the.
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Refinancing during divorce is a common practice when one party would like to continue living in the marital home. In order to consider refinancing during divorce, you must be able to qualify for the mortgage with only your income and credit score. If that isn’t possible, a parent, sibling, or adult child may act as a cosigner to help you.
Garth Brown from Brown and Brown Conveyancers recommends that you speak directly with the bank who issued the mortgage to check out what your refinancing options might be prior to the divorce.
Unfortunately, sudden changes like job relocation or a divorce may be out of your hands. But if you do sense that the future in your home is a bit unstable, you may want to hold off on refinancing.
And unfortunately, taking someone’s name off a joint mortgage isn’t as simple as calling your lender and making a request. Refinancing and Applying for a New Mortgage Loan. To keep your house after a divorce and take your spouse’s name off the mortgage loan, you’ll need to refinance the mortgage loan in your name only.