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With many areas around the country still experiencing property values in a downward direction, a new problem is emerging: who gets the mortgage when a couple is divorcing? A must-read article appeared in today's Washington Post discussing this growing problem with not a lot of solutions in sight. It's actually causing some couples to re-think their divorce plans! What many others are finding is that with values going down and rates going up, where two had qualified before, the remaining soon-to-be-ex-spouse is not able to qualify to carry the note alone. Most mortgage companies are refusing to remove or release liability for the departing spouse, putting the mortgage payment continuity at risk plus it's always better to have two incomes to go after if there is a resulting deficiency judgment.
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I feel so sad when I handle divorce houses. I make sure to estabish contact with the attorneys on both sides, since that needs to be addressed sooner rather than later. If it's amicable we meet together and if not, two separate meetings with net sheets signed by all parties. Sad but often, it's better to sell that 'sad' house so both can move on with life.