divorce: Divorce Equity Buyouts - What Can Prevent Loan Approval?
- 02/05/21 03:19 PM
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 … (2 comments)
divorce: Divorce Equity Buyout - How To Pursue When You Want To Keep The Home
- 12/15/20 11:01 AM
When Homeowners decide to pursue a divorce, it is fairly common for one of the Divorcing Homeowners to want to stay in (and retain) the home. For purposes of gender neutrality, we refer to the Spouse who wants to stay in the home as the "In Spouse" and the Spouse who departs the home as the "Out Spouse". With the above in mind, there is typically at least 1 mortgage secured by the "marital home" which is often in the names of BOTH spouses. In addition to wanting his/her share of the equity in the home, the "Out Spouse" will typically demand … (1 comments)
divorce: 2021 Conforming Loan Limits - Realtor & Attorney Talking Points
- 11/28/20 11:33 AM
Fannie Mae & Freddie Mac have just announced their new Conforming and High Balance Conforming Loan Limits for 2021. If you are a Realtor, Financial Planner and/or Attorney, do you know how to articulate this great news to your Clients? Here are a few talking points:
There are 3 categories of loan types (based on the LOAN AMOUNT) Conforming High Balance Conforming Non-Conforming (Jumbo) The loan amounts have increased on each category as follows: Conforming was $510,400, increasing to $548,250 in 2021 High Balance Conforming limits vary significantly depending on county (see below for a few examples) Non-Conforming (Jumbo) limits vary depending … (4 comments)
divorce: Divorce Mortgage Tips for Homebuyers & Homeowners
- 11/11/20 08:58 AM
Let's face it, divorce is a tough emotional, financial and legal transition. Obtaining a mortgage can be complex as well. Combining the two can be even trickier...especially if one is unaware of certain divorce-related mortgage nuances.
Whether you are keeping the marital home (and "buying out" your ex-spouse) or seeking to purchase a different home, please keep these items in mind:
Mortgage Lenders never assume! While Lenders can forecast an approval, prior to funding your new loan, a Lender will need a definitive written agreement signed by all parties to clarify whether any monthly spousal support will be paid by either … (0 comments)
There is often a disparity between "Real Income" (the amount of money we actually receive) and "Qualifying Income" (the amount of income that is recognized on a mortgage loan application). With regards to receipt of Alimony and/or Child Support, this disparity is often accentuated. Below are a few things that need to be known by all Divorcing Homeowners and/or the Professionals who serve them. Divorce Mortgage guidelines are unique.
"The Rule of 6/36" (Part 1)
The first number (6) pertains to "historical receipt of income. The … (3 comments)
divorce: UPDATED - Mortgage UW "COVID-19 Related" Guideline Changes
- 07/16/20 10:20 AM
In life, we are accustomed to advanced warning for changes impacting the law and/or tax codes. We often see the words "Effective January 1st" before details of the impending changes. In the mortgage industry, we often hear the words "Effective Immediately" with respect to changes (i.e. we are not given any advanced notice).
Amidst a global pandemic like COVID-19, you can reasonably expect many "effective immediately" changes to emerge. Below are the latest updates with regards to income calculation for Borrowers impacted by COVID-19. I recommend you notify any pre-approved clients of the changes to insure they will remain approved in light … (4 comments)
We help people manage their way through life transitions
There are 2 types of transitions our Clients experience throughout life…positive (happy) transitions, and negative (not-so-happy) transitions. Examples of positive (happy) transitions are when we help our clients buy their first home, also when we help them upgrade to a larger home…especially if that upgrade is in connection with a job promotion and/or increase in family size. Or maybe when we help one … (14 comments)
divorce: Divorce R/E Agent Workshops - Learn How To Help Divorcing Homeowners
- 03/26/19 12:07 PM
Divorcing Homeowners need the help of ethical, knowledgeable and proactive Real Estate & Mortgage Professionals to work in harmony with their Legal & Tax Advisors. With all of the emotions running high amidst a time where pivotal decisions must be made by these Individuals, we Real Estate & Mortgage Professionals have a duty to seek the highest & best results for our Clients by clarifying logistics and corresponding options.
The latest Divorce Real Estate Agent workshop locations, details & registration link can be found at www.DivorceMortgage.info.
For additional context about these Divorce Real Estate Agent Workshops in Southern California, please click here.
About The Instructor
Jason … (2 comments)
divorce: Responsibly Assisting Divorcing Homeowners
- 03/19/19 09:11 AM
Whether you are a Real Estate Agent or a Mortgage Lender, WE ARE REAL ESTATE PROFESSIONALS and it is our duty to responsibly help our Clients navigate through life transitions. Some of these transitions can be viewed as positive and happy, such as helping them buy their first homes, up-size due to family growth and/or job promotions, or even buying their first rental property. That said, other transitions may be negative and not-so-happy, such as death, divorce and/or financial hardships.
This brief article is meant to focus on divorce...specifically, helping Divorcing Homeowners to make educated decisions about their real estate and secured residential … (0 comments)
divorce: Divorce Real Estate Workshops (San Diego & Temecula)
- 01/29/19 08:39 AM
As Real Estate Professionals, we are typically asked to help our clients through life transitions. While many transitions are considered "positive" (such as first time homebuyers, move-up buyers, family growth, job promotions, investment properties, dream homes, etc.), we are often asked to help with "negative" transitions as well (such as divorce, job loss, death, etc.).
We live in an era where any ambiguity can and often will be used against us in the court of public opinion. That said, I want to stress that the purpose of these workshops (and our ongoing assistance to aiding divorcing homeowners) is aimed at consumer protection. … (0 comments)
Homebuyers and Homeowners who are using Child Support and/or Alimony as income will want to be aware of this change in Freddie Mac underwriting guidelines (Fannie Mae is expected to follow suit shortly). Effective January, 2012 Previously, mortgage underwriting guidelines pertaining to the receipt of Child Support and/or Alimony required the Borrower show evidence that they have received this income for the past 3 months. Effective with Freddie Mac Bulletin 2011-21, Borrowers must now provide a minimum of 6 months worth of documentation in order to be … (1 comments)
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Jason E. Gordon
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE
Author Bio: Jason Gordon is a Residential Mortgage Specialist in San Diego, CA. He combines ethics, education, and experience while helping Homebuyers and Homeowners to achieve their financial goals.View all AR Posts By Jason Gordon
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. 
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