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Divorce Equity Buyouts - What Can Prevent Loan Approval?
Pursuing a divorce amidst a global pandemic?  Trying to retain ownership of the marital home and buy out your Ex?  Surely, the Banks will go easy on you with lending guidelines, right?  Not a chance.
It’s been said that Banks will give you an umbrella when it’s sunny, then ask for it back when it rains.  Translation, not only will Banks “not make it easy” when you are applying for a new loan under these conditions, but they will actually make it more difficult.  Sadly, in many cases, perhaps the Borrower will make things more difficult on themselves unintentionally. 
Below are a few examples of how the dynamics of divorce amidst a global pandemic can wreak havoc on a borrower shopping for a new mortgage loan (even if that loan is solely intended to allow the divorcing homeowner to maintain ownership of the marital home while buying out their ex-spouse).
Credit Late payments – 35% of your credit score is influenced by late payments.  Quite simply, pay your debts on time each month and you will get an A+ grade on 35% of your score.  If you do not pay them on time, the credit scoring model looks at 3 things: ... more

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