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A House Divided: Divorce and Escrow Accounts
A House Divided: Divorce and Escrow Accounts
It’s not a fun process for anyone but unfortunately, divorce happens and when there’s a home involved, achieving property title and equity division demands expert analysis and process. Handing over the keys, payment responsibility and even deeded rights does nothing to absolve one of their obligation to a lender.
 
If one party is relinquishing their ownership, they should also be released from any liability. Release from financing is a process than can only be achieved by modification, refinance, payoff or sale. In today’s world, break-ups do occur with high frequency and having access to the necessary experience in helping your clients navigate the process as it relates to their mortgage loans is imperative.
 
One of the common misunderstood aspects of refinancing into a new mortgage is setting up the new escrow account and the costs involved in doing so. This is literally an aspect of mortgage financing where timing is everything. Knowing when property taxes are due in Arapahoe County in Colorado or your particular county and state can be extremely helpful in the timing aspect when refinancing.
 
The amount of funds required to establish a new escrow account is dependent upon the timing of when current ... more

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