Unexpected financial challenges in life such as a separation, job loss, or other such situations heavily affect you mentally, physically, and most importantly financially. During such trying times people have a lot on their plate and usually cannot come up with a solution to everything. But the hardest part is going through everything alone.
Divorce is often a difficult and stressful process, particularly when there are assets to divide up, including a home. Many couples don’t know How To Handle the Home and a Mortgage During Divorce, which causes several problems for both parties.
Divorcing couples have various options when it comes to dividing their joint assets and coming to an amicable solution. These options are determined by a variety of variables, including but not limited to how their property was financed and titled, the amount of equity they have in the home, whether one person wishes to remain in the house, income and their credit rating.
Often times, one spouse would like to stay in the family home especially with young children. This often leads to one spouse buying out their equity share for the home and qualifying for a new mortgage.
What are your options?
To sell their house or buy out the other spouse.
Couples should think about the costs of selling or refinancing their home in addition to the mortgage balance. Realtor commissions, costs of tidying up the house to make it more appealing to buyers, real property transfer taxes, and capital gains taxes are some of the expenses.
The other option is buying out the other spouse. Usually, this involves this spouse qualifying and being approved for a mortgage. The Banks usually provide options based on income and credit. If the spouse, is unable to qualify, they can’t buy out their spouse. But there is another solution.
It can be very hard to overcome all the obstacles that come with a divorce and don’t know many family how to Handle the Home and a Mortgage During Divorce. This is why Freedom Capital is here to help you. With equity, we can approve the new mortgage and obtain enough funds to pay out your spouse.
Freedom Capital can provide you with a variety of financial solutions regardless of your dilemma. Let us be your financial lifeline, because when the banks say no, we provide you with the financing solutions you need. We are specialists in the alternative, private and commercial mortgage market.