Advice

What To Do With the House During a Divorce

Unfortunately, divorce happens. If you and your spouse own property, you’ll likely have many questions concerning what happens to your home, your current mortgage, and even your credit rating. I’m here to assist you and discuss available options so you can make informed decisions about selling your current home and purchasing your next one. I will help guide you through the processes one step at a time, discuss your financial goals, and tackle the inevitable concerns and questions that will arise. In addition, you will receive a professional equity assessment report of your current home to help you make sound financial decisions.

Below are some answers to frequently asked questions:

What happens to my current home?

If you and your spouse own a home, there are two main routes people typically choose: 1. You both can sell the home and split the proceeds from the sale; or 2. One person can “buy out” the other by refinancing the mortgage. Discussing these options will help you get on the same page and minimize friction.

How does a divorce impact my credit score?

Unfortunately for many, divorce is a time of great financial hardship and credit challenges. Because you are responsible for the mortgage until it is paid in full or refinanced, it is imperative that you remain current on the monthly payments. If you stop paying the mortgage, it will negatively impact your credit score. Always make timely mortgage payments until the property is sold!

Can I buy a new home if I’m still listed on the previous mortgage?

Yes, but it’s sometimes difficult to purchase another home until your divorce is final. If you are the recipient of child support and/or alimony, in most instances the payments must be received for a specific time period before you can use them as qualifying income. If you are still listed as a co-borrower on the mortgage for the prior home, many mortgage programs will allow you to qualify while excluding that debt. I will connect you to an experienced lender who can give you the best advice for your unique situation.

Why work with (company name)?

Since 2004, I’ve helped people in various stages of life buy and sell homes, making what can be a complicated process stress free. My goal is to give you the best information to make informed decisions when it comes to what is likely your biggest financial investment: your home. If you’d like to learn more, please contact me at 703-963-0142 or robyn@robynporter.com.

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