divorce: Voluntary Child Support Payments and Mortgage Financing | Divorce - 12/10/18 02:14 PM
Voluntary child support payments are the right thing to do in many cases when going through a divorce but how does that affect mortgage financing? Qualifying for a mortgage during or after a divorce may seem cumbersome to many with the proof of receipt of income, copies of documents and more. But what if there is no divorce? What if there is no court order for child support and all payments are voluntary? Can voluntary child support be used as qualified income when applying for a mortgage?
Yes, voluntary child support may be used as qualifying income for a mortgage but … (0 comments)

divorce: Can You Transfer a Mortgage in a Divorce? - 11/27/18 01:51 PM
With 70% of all divorces in the United States involving real estate, one of the first questions to arise is “Can you transfer a mortgage in a divorce?” The answer is yes and no – depending upon what type of mortgage you have.
There are typically only 3 ways to transfer a mortgage in a divorce: Transfer an assumable mortgage by working with the current lender to approve a qualified individual to take over your current mortgage. Typically, the loan type must be an assumable loan type. Unfortunately, assumable loan types may be challenging to find. Most government loans, FHA and VA are … (3 comments)

divorce: Divorce? Top 10 Things You Should Know about Divorce - 11/26/18 02:58 PM
Divorce? Top 10 Things You Should Know About Your Mortgage When Going Through a Texas Divorce.  If you are currently in the process of a divorce or contemplating divorce and you have real estate and mortgage financing, there are many things you should consider. You can request a copy of the “Top 10 Things You Should Know About Your Mortgage When Going Through a Divorce” eBook now.

  Understanding Your Divorce Mortgage OptionsIf you are going through a divorce, mortgage issues need to be addressed and taken care of if the two of you own a home together. Even if your … (2 comments)

divorce: How to divide home equity in a divorce or inheritance | Owelty Lien - 11/02/18 10:52 AM
Splitting equity in a home after divorce or inheritance can be complicated in Texas without a knowledgeable team to support you or using a Texas Owelty lien.  If you’re going through a Texas divorce or recently inherited  Texas real estate, you’re likely dealing with a lot of emotions, often times both positive and negative. The financial aspects of these situations can be difficult or challenging in Texas due to our strong homestead laws. That’s where we can help. At Service First Mortgage, we can help you with the Texas mortgage and Texas real estate issues you’ll encounter, specifically how to distribute home equity in a fair … (0 comments)

divorce: Divorce | Avoiding a Contempt of Court Issue with Divorce and Real Estate - 07/31/18 10:15 AM
Avoiding a Contempt of Court Issue with Divorce and Real Estate. Divorce is a complicated thing, you should work with a team of professionals, not just an attorney.
A Contempt of Court issue when a former spouse fails to execute their obligations in the marital settlement agreement of a divorce with regards to real estate and mortgage financing can be avoided if the right steps are taken in advance. There are many times when mortgage financing is a requirement post-divorce decree whether it involves refinancing the marital home to remove a spouse from the current mortgage, completing an equity buyout, or even … (0 comments)

divorce: The Cost of Renting vs. the Cost of Owning during a Divorce - 06/29/18 03:28 PM
The Cost of Renting vs. the Cost of Owning
Many divorcing clients will make the decision to rent following a divorce for a variety of reasons; however, there’s more to the cost of renting vs. buying than just comparing the dollar cost of the payments. Many will argue against the value of purchasing a home vs. the comparatively risk-free alternative of renting.
This image can be used for determining whether to rent or purchase a new home as well as the economical decision to sell the marital home and rent or retain the marital home.
To be conservative, we used a rate of appreciation … (0 comments)

divorce: Who is on your Professional Divorce Team? - 05/09/18 01:47 PM
Who is on your Professional Divorce Team? Every successful divorce case requires the execution of a professional team; so, who’s on yours?
A Divorce Team is highly recommended to protect your finances.  According to the Financial Divorce Association, 70% of all divorces in the United States involve Real Estate. It has also been stated that 47% of divorces require the marital home to either be sold or refinanced incident to divorce.
Who is on your ‘Professional Divorce Team?
A professional divorce team has a range of team players including the attorney, financial planner, accountant, appraiser, real estate agent and yes, a mortgage professional. Every … (0 comments)

divorce: Divorcing Your Mortgage Newsletter. May 2018, Divorce Trivia. - 05/08/18 02:42 PM
Divorcing Your Mortgage Newsletter.  May 2018, bringing you Divorce Trivia.
The History of Trivia is Anything But TrivialCalling all trivia buffs! You may school your friends in every random fact from pop culture to World War II, but how much do you know about the history of trivia itself? The dictionary defines trivia as “unimportant facts or details,” we tend to disagree: we think trivia is of the utmost importance!
The term trivia, as we think of it today, dates back to 1589, referring to insignificant pieces of information, which were only interesting to a few educated folks. It wasn’t until the 20th … (1 comments)

divorce: Divorce can ruin your credit report - 04/23/18 02:37 PM
Divorce can ruin your credit report.  Divorce is hard enough when you combine finances, it can sometimes lead to difficult situations.  Often times these difficult situations are initiated by a soon to be ex-spouse making late payments on shared accounts.
These late payments appear on both of the account holders’ credit reports, despite divorce decrees.  In order to avoid these issues, divorced couples should close or refinance all shared accounts if at all possible. Any shared credit cards, loans, and mortgages will continue to be a joint responsibility until you work directly with the financial institution to resolve the issue.  Again, your divorce … (2 comments)

divorce: Divorcing Your Mortgage Newsletter, Marital Liens - 04/09/18 03:14 PM
Marital Liens, Lis Pendens & MortgagesLis Pendens are notices that warn the public of lawsuits that affect real estate. They are often used in divorce cases to protect one spouse when the other tries to transfer real estate without the other spouse’s knowledge. A Lis Pendens help to protect a spouse’s interest in the property until a final settlement is reached or a judge decides how to fairly divide the real estate between them.
Failing to record a lis pendens during a divorce may lead to property loss. A new homebuyer may unknowingly buy real estate involved in a divorce unless a … (1 comments)

divorce: Property Settlement Notes in Divorce - 03/08/18 01:29 PM
Property Settlement Notes in DivorceProperty Settlement Note – a deferred payment in property settlement used to equalize property.
Used to equalize property Not taxable to the recipient Does not survive bankruptcy Very often when divorcing couples negotiate the terms and conditions of a property settlement, they agree to a structured settlement, which is a series of smaller payments paid over time, as opposed to a lump-sum payment. In this routine, a series of payments over a period of time comes to more than the agreed upon settlement sum because the recipient normally receives interest to compensate for the delayed payment.
A property settlement … (2 comments)

divorce: Divorcing Your Mortgage Newsletter December 2017 | Richard Woodward - 12/11/17 02:35 PM
Divorce Resource you need to protect yourself. A professional divorce team has a range of team players including the attorney, financial planner, accountant, appraiser, mediator and yes, a divorce lending professional. Every team member has a significant role ensuring the divorcing client is set to succeed post decree. A lending professional well versed in the subtle nuances of divorce lending brings the financial knowledge and expertise of a solid understanding of the connection between Divorce and Family Law, IRS tax rules and mortgage financing strategies as they all relate to real estate and divorce.
Richard Woodward is a Texas mortgage banker and … (0 comments)

divorce: Divorcing Your Mortgage November 2017 Newsletter - 11/07/17 10:08 AM
Welcome to Divorcing Your Mortgage November 2017 Newsletter. In this episode we are discussing avoiding language traps. We know it is important to be very mindful of the words used in a divorce settlement agreement in order to avoid any language traps and future conflict. Word choice can have an affect on the divorcing client’s ability to obtain mortgage financing as well. While it may not be top of mind to word the divorce settlement agreement to meet mortgage guidelines, it could significantly help your client to clarify certain terminology used in the settlement agreement.
The terms “alimony”, “maintenance” and “spousal support” … (0 comments)

divorce: Top 10 Things You Should Know About Your Mortgage When Divorcing - 06/02/17 12:53 PM
Top 10 Things You Should Know About Your Mortgage When Going Through a Divorce
Divorcing clients have many questions when going through a divorce; especially when real estate and mortgage financing are involved. Here are ten top things every divorcing client should take into consideration when dealing with the marital home and/or other real estate.
1. Timing of Filing The Divorce Petition. The timing of filing a divorce petition with the court has a direct impact on mortgage financing. When a petition for divorce is filed, most mortgage lenders will require either a temporary settlement agreement or a finalized divorce settlement agreement ordered … (1 comments)

divorce: Divorcing Your Mortgage May Newsletter 5 Tips That Will Set You Apart - 05/05/17 07:28 AM
Five tips that will set you apart as a family law attorney. If you include some or all of these five elements into your divorce settlements, you will set yourself apart from the majority of family law attorneys and CDFAs who do not know these principles of mortgage qualifying. As a certified divorce lending specialist it is my obligation to apply these principles in the context of a specific case where a client is qualifying, real-time, for a mortgage transaction. These include, especially, refinances to remove a spouse from the mortgage application, refinancing to include a buyout to an ex-spouse and … (0 comments)

divorce: Divorce and Your Mortgage. What You Need To Know - 04/11/17 05:06 AM
Divorce and Your Mortgage If you are going through a divorce, separated, or considering a divorce and you own a Texas home together with a mortgage then there will be issues that need to be addressed. The vast majority of loan officers are ill prepared to help effectively and if they are not a Texas lender they may not even be aware of special Texas lending laws the apply to divorce refinancing and lending.
A professional divorce team has a range of team players including the attorney, financial planner, accountant, appraiser, mediator and yes, a divorce lending professional. Every team member … (2 comments)

divorce: Is a Reverse Mortgage Right for Your Divorcing Couples of 62? - 02/03/17 12:25 PM
Is a Reverse Mortgage Right for Your Divorcing Clients?
Divorcing later in life is not a new phenomenon, but it is becoming more and more common. Indeed, the increased occurrence of “grey divorce,” as it’s called, has been identified as a significant 21st century divorce trend. Even though the overall divorce rate is actually declining, it’s on the rise among older generations.


Those of us in the business of helping people plan for a secure financial future have long known that grey divorce presents a unique set of challenges to our clients. A reverse mortgage might represent a new strategy for making the … (0 comments)

divorce: How to divide home equity in Texas when divorcing - 01/17/17 09:31 AM
Refinancing while divorcing is a very hard thing to do.  Emotionally and financially, it can be very stressful.  Finding an experienced mortgage lender in Texas capable of handling this delicate situation is essential.
Texas is a common law state and if you are married and own Real Estate that is  considered your primary residence with a homestead exemption, both spouses have equal rights to the equity in the home.  Equity is the value of the home minus the mortgage loan amount.  The Owelty Lien is designed to give each spouse what is owed to them as detailed in the divorce decree states.  I have found that the Owelty … (2 comments)

 
Richard Woodward  NMLS#217454, Service Beyond Expectations! Your Texas Lender (Service First Mortgage, NMLS #166487) Rainmaker large

Richard Woodward NMLS#217454

Service Beyond Expectations! Your Texas Lender

Dallas, TX

More about me…

Service First Mortgage, NMLS #166487

Address: 6800 Weiskopf Ave., Suite 200, McKinney, TX - Texas, 75070

Office: (214) 945-1066

Mobile: (972) 814-3587

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