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Divorce This House Featured in Blog by Maryland Divorce Legal Crier - 01/27/09 08:29 PM
Divorce the House Then the Spouse
http://tinyurl.com/c4habe Maryland Divorce Legal Crier posted January 27, 2009
A big mistake that a lot of people make in divorce is trying to keep the house according to an article by Lew Sichelman in the Chicago Tribune. http://tinyurl.com/957htd
Indeed in Maryland the court can grant use and possession of the family residence for up to three years from the date of divorce to the parent who gets custody of the minor children. In other words, keep the kids, keep the house.
But Kelly Lise Murray, lawyer and real estate agent in Nashville, says if you must … (3 comments)
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Real Estate Success Inspired by "Recession Lessons" from www.SundayCosmetics.com - 01/19/09 07:48 AM
Bev Davis - www.SundayCosmetics.com - has an excellent series on www.Twitter.com/sundaycosmetics re: "Recession Lessons."
A recurring theme from Ms. Davis' entrepreneurial teachings: "multiple streams of income."
REALTORS should follow Ms. Davis' lead - not having all real estate efforts or "eggs" in one fragile, recession-risk basket.
Real estate is recession-proof, if you know where to look. And a lucrative place to start - life changes.
More positive life changes (job transfer, new baby, relocation-closer to family) and more challenging life changes (loss of job, serious illness/disability/injury, divorce, death) often change real estate needs.
To jump start your real estate year, be of service … (1 comments)
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Jan 13 Georgia Family Law Blog Featured Divorce This House! - 01/17/09 03:49 PM
The January 13, 2009 Georgia Family Law Blog by Stephen M. Worrall featured Divorce this House
http://tinyurl.com/a2ldtt
Kelly Lise Murray, Co-Founder & President of DivorceThisHouse.com warns against a hidden danger of divorce real estate -post-divorce mortgages.
Not all forms of alimony and child support count as YOUR income for mortgage purposes. In an article posted on ActiveRain.com, she cautions child support recipients that accepting your support by direct deposit is a huge mistake. She says the same is true about cash. The reason: Banks require proof of income. When you receive support by direct deposit or in cash, there is no paper trail … (0 comments)
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Jan 17 Property Lines Blog features Divorce This House - 01/17/09 03:19 PM
The January 4, 2009 Los Angeles Times article featuring Divorce This House was re-blogged (positively)! in Property Lines by Barbara E. Hernandez http://tinyurl.com/8vbrl6
Keeping the House Makes for a Messy Divorce
Splitting up after years of marriage? Divorce your house, then your spouse.
That bit of advice goes against the almost universal desire to hang on to the family home, especially by the spouse who ends up with custody of the children.
"If you're still linked through the house, then you're not really divorced," says Kelly Lise Murray, a Harvard-trained lawyer and Nashville real estate agent.
People tend to underestimate the true cost … (1 comments)
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Home Buyers Beware - Get a CLUE (Report) Before. Or Else You Could Lose Your Home Insurance, Your Home Equity and Even Your Mortgage! - 01/17/09 08:46 AM
We received a detailed and extremely helpful comment to our January 16 Blog about C.L.U.E. reports - Comprehensive Loss Underwriting Exchange.
Sidebar: Through C.L.U.E. reports, subscribing insurers (including the big 5) exchange claim history and loss information about your house, your car and you. They use this information for underwriting purposes to determine whether to issue you an insurance policy and if so, at what rate. Higher risk = higher rate.
Back to the January 16 blog comment. This home buyer bought a house and within 30 days was informed by a big insurer they were dropping his home insurance coverage. Not … (5 comments)
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Hidden Divorce Mortgage Mistake - Home Insurance? - 01/16/09 05:29 AM
Another hidden danger of divorce mortgages - home insurance
Did you know home insurance is required to close or keep a mortgage? If the house you buy (or keep per divorce) is later found to be uninsurable, the lender (based on contract language in the loan documents) can call the loan - essentially canceling your mortgage before it's barely begun.
Did you know pending insurance claims on a house will likely prevent a mortgage from closing?
Another casualty - your credit score: In divorce, if you cannot individually qualify for home insurance on the family house you own with your EX, you cannot … (2 comments)
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Bankruptcy Busts Divorce Home Equity Buy Out under Chapter 13 - Personal Reorganization - 01/15/09 07:27 AM
Bankruptcy after divorce can undo a lot of what your divorce did, especially regarding who pays what (that is, the allocation of debt).
Under the 2005 amendments to the federal bankruptcy code (Bankruptcy Abuse Prevention and Consumer Protection Act or "BAPCPA"), if your spouse kept the house and is paying you for your share of the house equity over time... you are at risk.
That is because under Chapter 13 reorganization (the easier form of personal bankruptcy to qualify for), home equity debts - technically non-support domestic obligations - ARE dischargeable.
Discharge in bankruptcy "wipes the slate clean," meaning the debtor (e.g. … (1 comments)
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After Divorce Mortgage Option for Stay At Home Parent - Kiddie Condo Loan Program - 01/14/09 08:17 AM
Sound familiar: "I have to keep the house - because I can't qualify for a mortgage on another property."
This is especially true for stay at home parents whose positive economic contribution to the family - although recognized by the family court - is invisible on their current credit report. Low credit or no credit is not helpful for mortgage underwriting purposes.
One post-divorce mortgage option for some stay at home parents - the Kiddie Condo Loan Program.
It was originally developed by the FHA for undergrad/grad students and their parents who, rather than rent for 4-5 years, chose to buy … (0 comments)
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How Support via Direct Deposit Damages Your Mortgage Application After Divorce - 01/13/09 07:08 AM
Not all forms of alimony and child support count as YOUR income for mortgage purposes
Accepting your support by direct deposit is a huge mistake. Same thing with cash. Banks require proof of income. When you receive support by direct deposit or in cash, there is no paper trail or proof of income.
You Need a Paper Trail - Track Record of On-time Payment in Full:
Without a paper trail, the mortgage lender cannot count your support as income. And you may not qualify for a mortgage without it.
For the best paper trail, have your support payments sent directly … (2 comments)
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Only Two Ways Off of a Joint Mortgage Per Divorce - Do You Owe (on) a House You Don't Own? - 01/12/09 09:19 AM
Another hidden danger of divorce real estate - joint mortgage after your divorce.
Sound familiar: "I signed the papers. Why is my name still on the mortgage?"
There are only two ways off of a joint mortgage:
Individually refinance the joint mortgage in the name of one spouse only OR Sell the house That's it. Simply signing papers likely means you gave up OWNERSHIP without giving up DEBT. It means you owe on a house you no longer own.
This is a HUGE mistake.
By signing a quitclaim deed, you transfer your ownership interest (whatever interest you currently have) in … (1 comments)
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Divorce Derails House from Handshake Inheritance - 01/11/09 10:44 AM
My first LIVE caller during a Colorado radio interview highlighted another hidden danger from divorce real estate:
To help their adult son get back on his feet financially, the parents gifted an "early inheritance" to buy a fixer-upper. But with the son's credit issues, only the parents were named on the house title and mortgage.
Fast forward a few years and two new developments:
happily the fixer-upper is fixed (by the son) and the house has appreciated in value sadly the parents are now divorcing The divorce rub: one parent confirms the son's house is an inheritance but the other wants … (0 comments)
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Chicago Tribune featured Divorce This House on Friday, January 9, 2009! - 01/10/09 10:15 AM
As a former Chicago litigator, I am thrilled that the Chicago Tribune featured Divorce This House on Friday, January 9, 2009 http://tinyurl.com/957htd.
Divorce the house before the spouse
January 9, 2009 By Lew Sichelman Splitting up after years of marriage? Divorce your house, then your spouse."If you're still linked through the house, then you're not really divorced," says Kelly Lise Murray, a Harvard-trained lawyer and Nashville real estate agent. That bit of advice goes against the almost universal desire to hang on to the family home, especially by the spouse who ends up with custody of the children. Indeed, the … (2 comments)
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Divorce Dish (es) about Divorce This House (tm) - 01/09/09 06:35 AM
From the Divorce Dish Blog by Lisa Decker, www.DivorceMoneyMatters.com
Kelly Lise Murray, a Harvard-trained lawyer and Nashville real estate agent has some interesting ideas and insight when it comes to divorce and the family home. www.DivorceThisHouse.com We spoke recently and look forward to do some complimentary work to help clients, and their attorneys, understand all why the family home can continue to be a money pit even after the divorce is over. Another reason to make sure you understand all the issues regarding the financial aspects of your divorce! http://tinyurl.com/5hyx8k
… (1 comments)
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Divorce this House - Important Training for Real Estate Professionals - 01/08/09 01:08 PM
Via Jenifer Ishee Shorrosh (Jenifer Laurie):
Divorce this House was created by Kelly Lise Murray, a Harvard Law School graduate and Wendy Wasalle, a successful home stager to actually change legislation to include Realtors and appraisers early on in the divorce process before mistakes can be made than cannot be undone. They currently train real estate professionals and attorneys to assist divorcing homeowners in calculating the true value of their home. The period during a divorce is such an emotional and stressful time. That is why it is so important to have trained professionals advising and assisting homeowners. Cooler heads do prevail when they … (0 comments)
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You're not really divorced if you're still linked through your house - 01/08/09 01:05 PM
Divorce This House was featured in the Los Angeles Times on Sunday, January 4, 2009 - wow!
http://www.latimes.com/business/la-fi-lew4-2009jan04,0,5952121.story
HOUSING SCENE
Keeping the house makes for a messy divorce
It's not just a matter of who keeps the home. Loans, liens and other financial issues can preclude a clean split.
By Lew Sichelman January 4, 2009
Reporting from Washington -- Splitting up after years of marriage? Divorce your house, then your spouse.That bit of advice goes against the almost universal desire to hang on to the family home, especially by the spouse who ends up with custody of the children.
http://www.latimes.com/wireless/avantgo/la-fi-lew4-2009jan04,0,4316209.story
… (4 comments)
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Hidden Time Bomb in Suggested Solution for Divorce Real Estate - 01/07/09 06:49 AM
Regarding divorce real estate, I received this morning the following message via Active Rain:
best solution to date is utah, wife files, husband keeps home, kids, wfe takes apt., two jobs, pays support, has visitation, youngest child turns of age, house divided at that time.
The hidden dangers of delayed sale/joint home ownership AFTER divorce essentially create a time bomb for either or both spouses. One specific danger (among many) - post divorce liens.
Utah is an equitable distribution state, and debts of either spouse after divorce can be recorded as liens against the title to the former family house.
Because liens … (4 comments)
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Kelly Lise Murray
Franklin,
TN
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DivorceThisHouse.com
Office Phone: (615) 791-5040
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