Homeownership After Divorce 3 Great Tips

Dated: 09/04/2013

Views: 5116

It’s a scenario that is all too common, and yet often misunderstood. A married couple buys a house together and works hard over time to make it feel like a home. But what happens to all that hard work and money that has been invested when faced with a divorce? Here are some helpful tips that may help you understand how to manage the situation in the most efficient way possible and avoid some common pitfalls:
1. Did you know that until the property is refinanced into the name of the person keeping the property that the mortgage liability remains on both borrowers’ credit report?
2. While a Divorce Decree may state who is responsible for the current mortgage liability, if the responsible person stops making the mortgage payments all together or doesn’t make the payments on time, it can affect the credit score and credit history of both individuals who signed the original mortgage Note. Don’t let your credit be ruined because your ex-spouse has stopped paying the mortgage payments on a home you don’t even live in anymore.
3. Signing a quit claim deed only eliminates your rights of ownership to the property, it does NOT eliminate your responsibility and liability for the mortgage payment if your name is still on the loan.

Give me a call for answers to this or other questions!

Blog author image

David Cooper

Real Estate Broker....

Latest Blog Posts

On Line Classes

 I have decide I am not an on- line class taking person. The motivation is for real difficult especially since nice weather is on the way. Speaking of weather Mother Nature has lost her cool

Read More

What Is Private Mortgage Insurance

What Is Private Mortgage Insurance (PMI)? When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of

Read More

This Current Market Has Much Potential And Upside For The Wise Investor

Let it grow let it snow let it grow! One of the best ways to grow your income is to buy investment properties! This current market has much potential and upside for the wise investor! however not

Read More

5 Reasons Home Ownership Makes Cents

5 Reasons Homeownership Makes ‘Cents’ The American Dream of homeownership is alive and well. Recent reports show that the US homeownership rate has rebounded from recent lows and

Read More