Dayton Ohio Real Estate and Your Divorce
What Options do I have for my real estate?
- Have one of the divorcing parties keep the real estate and pay the existing mortgage.
- Have the divorcing party keeping the real estate refinance the mortgage into only their name.
- Sell your Dayton Ohio area Real Estate.
- There may be other options but these are the most common.
Lets talk pros and cons for your real estate¦
Well if one party keeps the home in the divorce and plans to pay the existing mortgage there are many risks. It does not matter at all what the divorce decree says about who is to pay the mortgage IF you both signed the original mortgage to purchase or refinance the Dayton Ohio area real estate. If that is the case then the bank has a legal document saying that you both are responsible for paying the mortgage or they can foreclose and/or collect from EITHER of you..
This is by far the mistake I see divorcing couples make the most ofter. All good intentions aside, things happen and if the spouse keeping the real estate in the divorce for any reason stops paying BOTH parties will have a negative impact on their credit reports.
What should happen to the real estate? Well if it were me I would require the party keeping the real estate, be it in Dayton area or anywhere in the state of Ohio, refinance the mortgage into their name. Then once the divorce was final quit claim deed the real estate over to the other party.