Should You Refinance or Sell? BE REALISTIC!

Mortgage and Lending with Equity Resources

hal goodtreeMaybe 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



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Jim Fischetti
The Fischetti Group/Keller Williams - Wake Forest, NC



You know what a Realtor sees when someone says "divorce":


3 transactions ~wink~


sell the current property, each spouse buys a new one.



Aug 20, 2008 11:04 AM #1
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

Often times, that's the best thing for the family.

Aug 20, 2008 11:18 AM #2
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Great post Eleanor. I will probably have to steal part of it. I like the information you gave about the transfer of title. So many people listen to their attorney on real estate matters when they know less than the people do about credit.

Aug 20, 2008 04:07 PM #3
Cristal Drake
Prudential California Realty - Fullerton, CA
Realtor - Fullerton Real Estate

This is a great post.  So much to consider!  Jim, are you for real?  That is not very nice!

Aug 21, 2008 09:10 PM #4
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

So what is wrong with a transfer of title? When you refinance, you add the closing costs to the debt on the house - am I missing something here? Thanks for helping me understand this, Eleanor. I always thought a Quit Claim Deed was a simpler thing to do. Of course, the issue of whether one person can afford the payment on their own is also important. Often, they get the house in their name and then lose it within a year or so.

Aug 24, 2008 03:33 PM #5
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Eleanor Thorne

Equity Resources 919-649-5058
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