Step 1 is to figure out if, and how, you can buy-out your spouse’s share of the equity in the home. Step 2 is to make sure you can refinance the mortgage in your own name so you can keep and stay in YOUR home.
It’s important to understand that financing/refinancing in the context of divorce can be very different from when you previously took out your mortgage. There are so many rules and requirements that must be followed in order for alimony and/or child support payments to be considered qualified income by your lender. Similar issues can arise with your new or part-time job or income from your new business or rental properties. What you consider income and what the lender considers qualified income may be two very different things!
Many traditional mortgage professionals lack the knowledge and understanding of divorce lending guidelines, which can lead to catastrophic results and the inability to keep your home.
Let’s ensure you’re in the best hands possible with our trusted nationwide network of divorce mortgage experts, most of whom are Certified Divorce Lending Professionals (CDLP™). Our experts have years of experience working with divorcing people and their mortgage financing/refinancing needs and will guide you step-by-step through the process.
If your home is located in Florida or Colorado, our sister company, Next Act Mortgages, LLC, is a licensed mortgage broker (NMLS #2123505) in those states and can help you directly*.
*(See Disclosures about our Affiliated Companies)
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