If you are like most couples, your home is one of your most valuable assets. It is important to know what your options are and how to protect yourself. I specialize in helping couples decide what is best for their unique situation. It is important to contact a Realtor to help guide you through the process.
TOP THREE MOST ASKED QUESTIONS FROM COUPLES GOING THROUGH A DIVORCE
1. Do I have to sell to divide equity?
Not necessarily. The equity in the house can be shared in a number of ways. Selling is one option, but a buyout could also be possible. If you opt for a buyout, it is important to remember that removing one spouse from the deed does not relieve them from the liabilities and responsibilities of the mortgage loan.
2. Who is responsible for paying the home mortgage?
A separation or divorce agreement may specify that one spouse make the mortgage payments but if both spouses’ names are on the mortgage, both are liable if the paying spouse defaults on the loan. The only way to protect yourself from being liable for the mortgage debt is if the other spouse qualifies and resonances the loan into only their name.
3. What if we owe more than the home is worth?
If you owe more money on your mortgage than the home is worth and it is not likely that either spouse will be able to pay for the home, a short sale might be the best option for you. In a short sale, the mortgage lender agrees to allow the home to be sold for less than is owed on the mortgage.
Contact me for all you real estate related questions.
Kari Cross – Intero Real Estate