Divorce Real Estate and Mortgage Expert in Colorado
Dissolving a marriage is never easy. In addition to the emotional aspects of breaking up, divorcing people also need to think about how to divide their property fairly. Determining the best way to handle their marital home and other real estate in divorce is one of the most challenging aspects of this process, as real estate is often a divorcing couple’s most valuable asset. A simple mistake can cost a spouse, tens of thousands of dollars, or more, making it difficult to keep things amicable as the divorce is being finalized.
If you’re in Colorado, Next Act Properties will work with you and your divorce attorney to help you make informed decisions about your marital home, vacation home, or other real property, whether you want to keep, refinance, or sell some or all of them.
Real Estate and the Divorce Process
If you want to keep and remain in your home after divorce, you will most probably need to buy out your spouse’s share of the home’s equity and refinance the existing mortgage into your own name. You and your divorce attorney may want to wait to see if you can be preapproved for a mortgage refinancing and how much income you’ll need to qualify for that refinancing before negotiating alimony and/or child support payments. This will let you know early in the process if it’s feasible for you to keep your home.
If you need additional income, perhaps alimony and other support payments can be increased by reducing your share of assets, or alternatively, you can have some of those assets generate income through various techniques, such as, by placing some or all of those assets in a revocable trust.
In some cases, neither spouse wants to keep the marital home. Maybe you want to move from Denver to Aurora or set up your new household in Boulder. No matter where you want to move, it’s important to work with skilled real estate and mortgage professionals who are trained and experienced in working with divorcing and divorced people. The right divorce real estate agent can not only help you market your home properly but can also act as a neutral go-between between you and your spouse. Remember you and your spouse no longer have the same goals and objectives as you did when married, and, in some cases, you may not even be on speaking terms with each other. If you need a mortgage for your new home, a divorce mortgage broker can help you obtain that loan under the best terms and conditions given your financial situation and the provisions of your Divorce Settlement Agreement.
Divorce Mortgage/Real Estate Expert vs. Family Law Attorney
If you’re already working with a divorce attorney, you may be wondering why you need to work with a divorce real estate and/or mortgage expert as well. Divorce attorneys are highly skilled in family law, but real estate and mortgage financing are also highly specialized fields, and they require their own highly skilled professionals. Real estate and mortgage financing just aren’t a divorce attorney’s area of expertise. Your attorney won’t be able to determine the value of your house or advise you on how to qualify for a refinancing or a new mortgage.
A divorce real estate expert can answer these questions and provide helpful advice on a wide range of topics, from whether it’s better to list your home immediately or make some improvements so you can list it for a higher price later. A divorce real estate expert also has experience in working with divorce attorneys and has a good basic understanding of family law.
Benefits of Working With a Divorce Mortgage Broker
If you need to refinance your current mortgage, or obtain a new one, working with a divorce mortgage broker is an absolute must. A divorce mortgage broker knows the specific requirements that mortgage lenders have for divorcing or divorced people. During the divorce process, they can work with your divorce attorney to make sure the proper language is included in your Divorce Settlement Agreement, so that the Agreement does not conflict with those lenders’ requirements. This will give you the best chance to qualify for refinancing (or a new mortgage).
Working With a Certified Divorce Lending Professional (CDLP)
A Certified Divorce Lending Professional (CDLP) has highly specialized knowledge of the financial issues that often arise during the divorce process that can impact your ability to refinance a current mortgage or obtain a new mortgage, now or in the future. Although a divorce attorney can provide excellent legal advice, the ability to advise on, or to procure a mortgage or refinancing for their client, is well beyond the divorce attorney’s scope of work and expertise. In addition, anyone procuring a mortgage for a third party must be licensed as a mortgage originator in the State in which the property is located. A lack of expert advice from a qualified divorce mortgage and real estate expert could possibly drag out the divorce process, increase legal expenses and result in bad decisions that might negate or impede either spouse’s ability to refinance or get a new mortgage.
Next Act Properties was founded by Jeffrey Landers, a Certified Divorce Lending Professional (CDLP), Certified Divorce Financial Analyst (CDFA), and licensed mortgage and real estate broker, who has been working with divorcing people since 2010. A CDLP is a mortgage professional who has extensive knowledge and training in working with divorcing and divorced people and their representatives, enabling them to provide highly specialized advice regarding the marital home and other real estate. When you work with a CDLP, you get the support you need to make informed decisions about your various real estate and mortgage options.
Consult a Certified Divorce Lending Professional
Whether you live in Denver, Aurora, Colorado Springs, Fort Collins, Pueblo, Boulder, or another area of Colorado, Next Act Properties makes it easy to work with a divorce mortgage and real estate expert. Contact us at (800) 795-2245 for help with this critical asset as you go through the divorce process.
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