san diego divorce mortgage: Divorce Equity Buyouts - Does It Matter Who Is On Title?
- 02/17/21 02:00 PM
If 2 spouses are getting divorced and one of them wishes to keep the marital home, a “Divorce Equity Buyout” is often pursued via a new individual mortgage in the name of the Spouse keeping the home (which we often refer to as the “In Spouse”). The Spouse vacating the home is referred to as the “Out Spouse”. So if the “In Spouse” is buying out the “Out Spouse” does it matter who is on Title when the Divorce Equity Buyout mortgage is pursued? In short, YES. To understand the significance of why this dynamic matters, we must first understand that there are … (10 comments)
san diego divorce mortgage: 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)
san diego divorce mortgage: 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)
san diego divorce mortgage: The Value of a Certified Divorce Specialist (CDS)
- 12/08/20 01:08 PM
Divorce is one of the most traumatic transitions in life that someone can experience. Given the potential adversities financially, legally and/or emotionally, it is imperative that a Divorcing Client works with professionals specially trained to help someone going through this process.
Introducing the Certified Divorce Specialist (CDS®)
The CDS curriculum is administered by The National Association of Divorce Professionals (NADP) and covers an extensive amount of timely & relevant content aimed at training professionals to help their Divorcing Clients at a high level. As stated in their website, The Certified Divorce Specialist (CDS®) Training is for professionals in the legal, financial, mental health, and … (0 comments)
san diego divorce mortgage: 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 details 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)
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)
san diego divorce mortgage: 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)
san diego divorce mortgage: 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)
Related Links:
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
If 2 spouses are getting divorced and one of them wishes to keep the marital home, a “Divorce Equity Buyout” is often pursued via a new individual mortgage in the name of the Spouse keeping the home (which we often refer to as the “In Spouse”). The Spouse vacating the home is referred to as the “Out Spouse”.
;)
;)
;)
