Maybe it's the economy, or maybe it's just a cycle... but we've talked to a TON of people lately who are contemplating divorce.

If you're going through this, you have major decisions infront of you - and one of the most important could involve your "assets."  One of my favorite Realtors says, "once that sign goes up in the yard, it's no longer a home... it's an ASSET."

We are not attorneys, but one of the best suggestions we have is to avoid a "Quick Deed" transfer of title if at all possible. (for more information on that click here). There are refiance programs available - to put the title of the property in one parties name, and this is, in our opinion, a better option. 

If you are planning to use child support or alimony to qualify for your refinance - it's going to be tricky.  It's risky for the Investor because there's typically no history of receiving the payments... (more details about transfering the title of the home here).  Many of the folks we are talking are refinancing into an FHA mortgage since our maximum loan amount in Wake County is $295,000 and the credit scores can be 600 or maybe even a bit lower - so it's less of a hassle.

The BEST advice we have is that when you are considering refinance or sell of this "asset" be realistic.  Be realistic about being able to make the new payments, if you are considering a refinance, and be REALISTIC about the ACTUAL VALUE of the "asset."  This is where we see folks with the MOST questions.  In today's market, it makes sense to work with a skilled real estate agent.  We work with some of the most talented agents in the area, and would be happy to refer you to an agent, and an appraiser (a formal apprasial will cost around $350 depending on the size of the property).

If you are considering a purchase in Raleigh or if you're refinancing a home in Cary, please call Steve and Eleanor Thorne, Mortgage Loan Originators 919-649-5058