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Alimony Payments

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Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

I have done several Loans that involved the Borrower or Co-Borrower paying alimony to his or her spouse, and they all had three things in common.

1)  They were for a fixed amount.

2)  They were for a specific period of time.

3)  No matter what the job situation, the one responsible for the alimony was on the hook for the payment, no matter what. 

They all had these things in common until this week.  This week I did a Loan on a Co-Borrower whose alimony payment was based on a percentage of his income, 50%.  Now you might say who is his X-Wife's attorney they must be real good, especially since this Co-Borrower had an income in the six figures.  The key word in what I just said is had.  Earlier this year the company that he worked for went out of business, and he must have been able to put away some money, because he has not been in any hurry to get back to work.  This now meant that a great deal for the X-Wife, now did not seem so great, because now she was getting 50% of nothing.

What made this even more interesting was in calculating debt to income.  Normally I would have to figure in the fixed alimony payment even if the Borrower or Co-Borrower was not receiving any income, and my ratios would go through the roof.  But in this case 50% of zero is zero and that debt disappeared, and the Loan worked.

 

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

Posted by

George Souto
NMLS# 65149

C (860) 573-1308
CALL 7 Days/Wk
Fax (860) 760-6891

Email Me
About Me
My Blog

I am a Mortgage Loan Officer who can assist you with all your mortgage & refinancing needs in
CT, and RI

I can assist you with your Conventional,
FHA, CHFA, VA, USDA, & 203K loan programs.

I reside in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Haddam. E. Haddam, Higganum, Chester, Essex, Deep River.

 

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