Working in divorce as part of our practice in a marital property state..property is divided. This can mean that one spouse buys the other out of the property by refinancing it or it can mean the house is sold and proceeds...or sometimes, the shortfall is divided if the couple elects not to do a short sale. Every seller wants to believe there is equity in their home...it didn't sell because....the agent didn't do enough marketing, the staging could have been better....the excuse list continues but the reality is still sometimes that the deficiency between what the price the market will bear and the amount owed is a number well into five figures.
The order from the court...the desire for people to move on with their lives...means refinancing or selling the former marital property. There is no magic mortgage slate that wipes one spouse's name from the mortgage....only refinancing or selling does that.
In several cases recently a divorcing/divorced homeowner had lenders very willing to refinance...requiring an appraisal of course....with a five figure deficiency. ...and closing costs. Refinancing is not always the best option....If you are in southeastern Wisconsin and want to explore the best options for the sale of your home, call the Hansons...we have a practice based on education and fostered by successful experience for all the best in real estate.