What happens to the mortgage during divorce?
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- Опубліковано 25 лис 2016
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Welcome to the twenty-ninth episode of the Divorce and Your Money Podcast. Shawn Leamon, MBA and a Certified Divorce Analyst, discusses what happens to a mortgage during divorce. A house is generally one of the largest financial assets that you have, so it is important to know your options before you decide what to do with it. You could sell the house and pay off the mortgage, or one spouse or both spouses can keep the house. A quitclaim deed is also a possibility. Selling your house is the simplest option. You would sell the house, pay off the mortgage, and split the proceeds. Selling the house while you are still married could save you an extra $250,000 in potential capital gains tax liability. Option number two is when one spouse keeps the house. It is one of the most common options, and if you are the one who will be keeping the house, you need to consider some very important points. Can you afford the house? Can you afford maintenance costs and mortgage payments? The sole owner of the house will need to refinance the mortgage. You will have to remove the name of your ex-spouse from the mortgage if you get to keep the house and have it refinanced, which has many advantages. Just make sure you know what to expect. The third option is that both spouses can keep the house and rent it out. You can also consider a short sale. Theoretically, both of you could also continue living in the house. Another consideration is a quitclaim deed, which is a way to transfer your interest in a home to another person. You need to know, however, what will happen to the mortgage before signing off on this option. Key Learning Points: A house is generally one of the largest financial assets. Know your options before you make a decision, which is either sell the house and pay off the mortgage or one or both spouses can keep the house. Selling your house is the simplest option. If you keep the house, make sure you know all the implications and get the mortgage refinanced. If both spouses agree to keep the house, they can rent it out, have a short sale, or continue living in it. If you sign a quitclaim deed, you should check the implications beforehand. Thank you for listening to the Divorce and Your Money Podcast. We hope the show helps you through one of the most difficult periods of your life. Shawn Leamon is also author of Divorce and Your Money: The No-Nonsense Guide. One-on-one divorce coaching services are available at www.divorceandyourmoney.com. If you enjoyed the show, please take a moment to leave a review on iTunes, as it will help other people discover this helpful advice. - Навчання та стиль
Its hard to remove emotions from the house..especially if both dont agree about selling the house..
It may be hard, but it's extremely necessary to move past emotions and move toward rationality. Emotions get us stuck and make costly decisions.
Thanks for your insight, I was about to do a quit-claim . Also, re-fi is the best as apartment rents goes up every year and in 4 years it will equal mortgage..
What if they do not get along and they wont pay it anymore? Foreclosure. How does that work?
Much needed information.
The mortgage is under my name I've been solely paying the mortgage she wants. me to sell or buy her out but she not on the mortgage how does that work in Florida.
I want to keep the house and allow our adult kids to live and pay the mortgage. Our interest is at 2%. Can we do this?
My wife has the but not paying the mortgage. Want to get my name off it.
Wao! I did not know the person who keeps the house has to be qualified by the loan company again. So, if that person does not qualify, it can loose the property?
That's a possibility, but I the spouse not living in the property could be forced to pay for a few years instead of refinancing? I'm not an expert.
My soon to be ex wants the house and wants to do the quit claim deed, and then a indemnity letter so that I’m not responsible for the mortgage. However idk if the bank will be okay w that and what happens for me if he lapses on payments or doesn’t ever refinance?
I'm not I am now divorced, and I'm staying in the house. I'm going to give the ex $70k, stay in home, and to assume mortgage in a PNA. The bank wants QUITCLAIM deed. Will ex still be liable for mortgage?
What if one files bankruptcy?
1 recommendention .. remove the bass on your mic.. great content
What if you own the house before you were married and it was still on your name but not hers?
The judge might say it's martial property anyways because the spouse helped the house not lose value (cleaning, letting work crew in when you were at work, etc). Or the judge might simply rule the spouse needs the money.
In this market (2022) the problem is that if you sell your house, everything is priced so crazy right and real estate is at bidding wars that you'll have no where to go.
Yes. This is my worry.
My worry too
What happens when you’ve been married for 22 years, bought a house 20 years ago but husband name is the only name on the deed and the mortgage?
Good question, I wonder if that spouce who's not on the mortgage also signed a quit claim deed, are they entitled to any of the equity
If your state is a community property state, it doesn’t matter whose name is on the deed. It belongs to both of you.
It belongs to your husband, his nane is on it.
Hello, I'm currently separated from my husband. While going through the files, I discovered that my husband refinanced the home and only added his name. If I signed any paperwork, I trusted him, not being told/knowing about this change. How could that affect me in a divorce, please?
Hello, the best way to discuss that question would be at divorceandyourmoney.com/coaching
@chuck wood your disgusting
@@tonismith8209 *you're*
@@sylentknight That's one of my pet peeves. So many people say your instead of you're. I just don't know why