It was not that long ago when people getting divorced found themselves negotiating over the house. Who got to keep it? Who got to move out? How was the whole deal being financed?
Well these days, it's more of a question of who gets the mortgage?
It used to be easy to remove a name from a mortgage and refinance a property in one name only in these situations, but those days are now gone.
A recent example was of a man and woman who filed for divorce more than two years ago. he was going to keep the house because he had custody of the children. She wanted her name off the mortgage and the couple split amicably and were happy with the arrangement.
But the lender said no. The lender didn't want to allow the woman off the hook because obviously the more names they have, the more chance they have of getting their money back should there be a problem. The man doesn't want to refinance because his mortgage payments will go UP by almost $2,000 a month and so now the thing is in limbo.
This is yet another thing that couples splitting up need to take into consideration.
For more real estate advice, contact Simon Conway on 407 876 8200.
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(Copyright © 2008 By Simon L Conway All Rights Reserved.)
Please give me a call if you have questions about the Central Florida real estate market. You can reach me on 407 876 8200. Also visit my web site at http://www.simonconway.net/ or http://www.move2orlando.net/
Also remember to check out my weekly radio show - The Home Team - which airs every Sunday at Noon Eastern and if you are not in Central Florida then you can tune in on line at http://www.540wfla.com/
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