Money, Your Credit Score and Divorce?
People often times just don't realize the true ramifications of divorce. Yes, it's tragic, and the kids will suffer, and this is a very sad thing to have happen. But, beware! Your credit will also suffer. Kim Boekholder posts a very good article below regarding this. Something to think about.
Money, Your Credit Score and Divorce? The more people I meet the more situations I run across with damaged credit due to a divorce. Now the divorce is not what damaged the score. What damaged the score was an ex..... I run into this more and more: people getting divorced forget about the credit cards they have opened together,car loans, mortgages etc. What a nightmare this becomes when the divorce decree states one person is responsible and must pay the credit card or refinance the house into into their name only and chooses not too, but instead starts missing payments and lets the home go into a short sale or foreclosure. All I can say is now its one huge headache. What a mess. You can not stand by and continue to watch your situation fall apart.
Before you get into that situation, please know whats on your credit report and what you've jointly signed for. The credit card companies are not going to give a rip if your divorce decree says you're not responsible, they have a document signed saying you are. Work this out before payments start being missed, before the house starts going into foreclosure before before before. You will be so thanksful you did. Contact an attorney for professional advice, do not get an online divorce that doesn't outline in detail how everything is going to be handled. Most importantly followup and make sure that the steps are taken. Your credit health is at risk. Best wishes, contact utahcreditcoach.com for more information.
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p.s. "By the way, if a friend or family member you know could use a caring and competent agent, I would enjoy meeting them. Thanks for thinking of me with your referrals. I am certified in short sales, foreclsoures, buying, selling, investing, luxury homes, relocation.Kim Boekholder Associate Broker,
Keller Williams Utah Realtors, Murray Chamber, Eligibility Specialist Citywide Home Loans
Mobile: 801-580-5624
Fax: 801-303-8556
boeks@msn.com
Keller Williams a great place to hang your license.
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