What to do with my house in a Divorce?
Keep or sell the house during the divorce? It can be a question that generates uncertainty and a lot of stress. What was once a love nest today is total chaos, this type of situations tend to be difficult, and to reach a decision with your spouse may generate a lot of tension; However, for everything there is a solution, taking into account some points that can be used to clarify the situation: make a good plan, and establish the necessary guidelines to take a corrective action, that on the contrary to aggravate the process lighten it to start a new stage in your life.
Mortgage experts recommend considering some aspects when making the decision of what to do with your home. Among them:
Decide if either of the two spouses can afford to keep the house.
Greg McBride, senior analyst at Bankrate.com, says: “First you need to decide who wants to stay in the marital home and if you can qualify for a loan for your own income and individual assets” another option would be if either spouse could buy the part of property to the other that if they have sufficient capital in the home, however any agreement must be included in their marriage agreement, which the two parties can resolve in mediation, through their lawyers or in a courtroom.
If one of the parties can buy the house, then you can remove the other person’s name from the document and the mortgage.
If one of the parties can pay the house, he or she must immediately rewrite the document in their own name. In this way, your ex-spouse can be removed from the property title, being free of any property.
If neither of you can buy the house, then the best option is to sell the house.
It will be better for the couple if the house is on the market. Sometimes the most prudent and wise is to sell the house, just make sure and continue to make payments while the house is in the market to maintain good credit.
Avoid foreclosure as much as possible.
It is necessary to fulfill the responsibilities of the mortgage and, for no reason, you come out discredited, for unfulfilled commitments, and drag the risk of losing your home.
Take charge of the mortgage
If the spouse who wants the home has enough income, he or she could take over the mortgage and make the payments. This requires talking to the lender and refinancing the home, which means that the person must qualify because their income improved, and this allows the debtor to repay the loan over a longer period of time. If you can achieve this, eliminate the other spouse from the equation, thus eliminating your responsibility, but keep in mind that not many people have this type of financial solvency.
The divorce real estate agent is very important when making any decision.
We recommend that the real estate agent you prefer is an important choice when deciding what to do with your home.
The real estate agent with whom you decide to work is a process in which both must participate. It is important that, at the time of choosing it, both parties agree and the agent work as an arbitrator at the time of the sale of the house, that works for the best advantage and gain for both, and that they represent both by same. No favoritism involved. The number one priority is to sell the house for as much money as possible, in a reasonable amount of time with the least amount of problems.
At IRG Corporation we have advisors who can help you in this vital event, if applicable, with answers to each of the questions about the sale and purchase of property that can be complicated to handle when facing a divorce. Selling a house and getting divorced is a complicated issue that must be thought through! Therefore, think of IRG Corporation, to help you at any time. If you want more information visit our social networks, call us at the following number: (+1) 786-565-8726 or contact us through our email.