Loan applications are nosey by nature....the Lender owns more of the house than the Buyers most of the time....and the decline of the market has made those Lending folks....a tad more cautious about how much they lend and to whom. The ability to fog a mirror and be approved for a loan days are gone.
There were some "in house" mortgages who bragged that no appraisal was required before the decline of the market...uh oh....Not always an appraisal fan...but none..hmmmmm.
As Realtors with a very concentrated niche in divorce, we are keenly aware of the requirements when one spouse often unwisely, decides to "buy out" the other spouse thru refinancing. We have yet in the hundreds of divorce related transactions we have done, to see it as a real need...it usually full of unused bedrooms and bathrooms for the re-financing spouse...but ohhhh that "gotcha" gratification ! I have what you do not have or what you want...I won ! I won ! It is an "ego" victory and usually results in no "second chance to start over" for the party having taken on the debt of a house they don't need. They have, sometimes believing that the right answer to "Are you involved in any pending litigation ?" is YES....it is not....IF you are divorcING and not DivorcED ...You ARE involved in pending litigation. As a result...since the gavel has not sounded for the final time....you really do not absolutely know your debts....Are you paying/receiving maintenance ? How are the balances on credit cards being paid ? What outstanding debt is in joint names...what is in one name only ? Is there a time limit involved in when these debts must be paid in full ? If someone is counting on the funds of a retirement account for paying bills OR as a down payment on a new house...are the tax consequences considered ?
The right answer to "Are you involved in Litigation ?" BEFORE the divorce is final is ABSOLUTELY ! Does that mean you are a candidate to buyout your spouse ? Maybe Not. We believe that the best decisions are made from a position of strength....and mix of emotional and financial turmoil is not the best time for that decision....for the issues involved both emotionally and financially.
If you or anyone you know is involved in a divorce in 8 Wisconsin counties...Kenosha, Racine, Walworth, Milwaukee, Waukesha, Washington, Ozaukee and Jefferson....call the Hansons...the only Real Estate Professionals certified in Divorce in Wisconsin. If you are a real estate agent wanting to learn how best to make Divorce your niche in Real Estate...Call the Hansons and ask about their DREAM course ....there is more to being an agent in this situation than you might imagine.
This is a public service post to you courtesy of Sally K. & David L. Hanson, Broker Associates with Keller Williams Realty.