| "The mortgage solution in dissolution."
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| When a couple decides to divorce, the stress of dealing with financial issues can be overwhelming. As a result, people will often seek expert advice to educate them about their options.
I specialize in helping families transition one household into two. I participate in and support organizations that promote fair and collaborative divorce. I also complete over 30+ hours of continuing legal education per year to stay on top of the industry issues. That is why I can effectively help answer questions like:
- Can I afford to keep the house based on my new income?
- Will I be able to afford a home close to my children?
- Was my credit bruised throughout this process?
- How do I establish individual credit and close joint accounts?
- What is the best way to compensate the vacating spouse?
- Is a refinance necessary to keep the house in my name only?
By coordinating my efforts with all of the parties involved, I provide answers to these tough questions and solutions to appease both parties.
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| MORTGAGES and QUALIFICATION
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With most mortgage brokers, qualifying for a new mortgage can be a challenge for divorced individuals. Alimony and child support payments often adversely affect one's ability to qualify.
Payment of these items may affect qualification ratios, while receipt of these payments for less than an established period of time often disqualifies their ability to be considered as income.
My unique advantage is that I lend money that is not restricted to what the normal Fannie Mae /Freddie Mac / FHA guidelines are.
My biggest concerns when approving a loan are:
- Does the loan make sense?
- Can you afford the payment?
Most brokers are questioning work history, how long have the child support payments been received, and demanding stacks of paperwork - this leads to unnecessary stress and doubt in your life!
I am of firm belief that divorce is a stressful enough experience and I guarantee to make the home financing portion as smooth as possible.
You will not be asked to provide unnecessary documentation or wait days for a returned e-mail or phone call. I welcome the opportunity to make good on this guarantee, whenever you have questions related to home financing.
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| Prior to making decisions regarding how the marital home will be divided, please be advised of the following facts: - A "Quit Claim Deed" only applies toward title. Both parties are still equally liable for the loan. The old loan will still appear on the vacating spouse's credit report, and could potentially hurt their credit if late payments are made.
- Creditors do not care what the judge/divorce decree says. If you applied for that account jointly, you will be responsible for payment until it is satisfied (paid in full).
- Refinancing allows the vacating spouse to be removed from the mortgage obligation and title all at the same time.
- Refinancing will enable the occupying spouse to pay out the other party with existing equity, assuming there is enough equity. This eliminates having to tap retirement accounts that may have penalties associated with early withdrawal.
- Sometimes due to lack of equity, severe missed payments during the divorce or not enough income to afford the payment, refinancing is not possible. You may have to sell your property. You may also have a capital gain issue to address.
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AVAILABLE SERVICES
I provide various services to divorcing families, the most common are:
- New Home Financing - based on your new individual budget we'll determine how much home you can afford and match the right loan to your specific needs.
- Refinancing - most common if you are keeping the house and want to pay-out equity to your ex. At the same time we'll remove them from title and have the loan in your name only.
- Credit Consultation - an in-depth review of all three credit bureaus. We help create a plan to repair in-accuracies, close old joint accounts and establish individual credit.
- Debt Consolidation - an easy way to pay your attorney in full, pay-off credit card debt or other bills and create one low payment that will allow you to deduct the interest on your taxes. (consult your CPA to confirm tax deductibility)
- Budget Creation - together we create and review a budget based not only what a bank considers when underwriting a loan, but looking at all of your expenses to see what it really costs to live.
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