divorce and mortgage financing: A House Divided: Divorce and Escrow Accounts
- 08/09/16 02:07 AM
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 … (2 comments)
Often times in a divorce and mortgage situation there are various types of income to consider: Employment Income; Alimony/Maintenance Income; Unallocated Maintenance Income; Child Support Income; Property Settlement Note Income; and more. Although all sources of income are considered “income” by the recipient, it is important to understand that from a mortgage financing perspective, not all sources of income are considered “Qualifying Income.”
In order to be considered as “Qualifying Income” certain requirements of each income source must be met. For divorcing clients who will need mortgage financing once the divorce is final, … (1 comments)
A House Divided: Divorce and Escrow Accounts
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