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Divorce Buyout Mortgage
and
Divorce Home Buyout
The marital home is usually the biggest single asset of your
marriage and if either of you want to keep the house, you will have to
Buy Out your spouse. In other words, whatever equity or
value your spouse is entitled to will have to be paid from the proceeds of
the Divorce Buyout Mortgage refinance of the marital home. This assumes
that you can afford a new mortgage. Our Divorce Home Buyout
Loan Specialists will be able to quickly determine what a new mortgage would
cost and whether or not it is affordable.
In order to determine how much you can obtain from the
Divorce Buyout Mortgage refinance, our Divorce Home Buyout loan
professionals will work with you to estimate the current value of your home
and subtract out the outstanding mortgage balance to determine the remaining
equity that is available for the Divorce Buyout Mortgage
refinance. These funds are what you would have available for the Divorce
Home Buyout.
Following is an example of how this works:
Example: Sally and Tom own a house valued at
$300,000, subject to a mortgage or mortgages that total $200,000.
Therefore, the equity is $100,000, ($300,000 minus $200,000). If Sally
and Tom split their assets 50-50, each have $50,000 of equity in the house.
Therefore, if Sally wanted to pay Tom his $50,000 share of the equity and
keep the house Sally would get a Divorce Buyout Mortgage
refinance of
$250,000 and use the $50,000 of cash out for the Divorce Home Buyout
of Tom. A current real estate appraisal is always used to
establish the current market value of the property that is being refinanced.
This is an essential part of the Divorce Buyout Mortgage process and
also aids the Divorce Home Buyout itself because it eliminates any
disagreement over the actual value of the property, thus assuring each party
is treated fairly.
Divorce Buyout Mortgage programs include;
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Programs for Self Employed
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No Income Verification Loans
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Borrow up 100% of the value of the home
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All credit profiles considered
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Fixed and Adjustable Mortgages
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40 year and Interest Only loans
The Divorce Buyout Mortgage refinance loan is your best option, in
most cases, for a fair settlement that allows one spouse to keep the house
and in doing so, remove the other spouse's name from the current mortgage,
thus eliminating any financial liability. Call or apply online today
for information regarding a Divorce Home Buyout mortgage loan
designed specifically for your situation.
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