TOP 4 Mortgage Questions

Many times, at the time of separation or divorce a mortgage is the biggest liability facing a couple. Some typical questions that we are asked:

• How do I remove my name from the mortgage? The only way for you to remove your name from a mortgage is to sell the property and mortgages would be paid,have the mortgage refinanced, or have one party complete a formal assumption with current loan servicer and obtain a release of liability.
• What is a Quit Claim Deed? After the divorce is final
• Can alimony, spousal maintenance and child support be used as income for a new mortgage? Each type of loan needs to meet specific provisions. I am happy to review options with you.
• How do non-purchasing spouses protect his/her credit to ensure that one will not be liable for the debt of the mortgage? The divorce settlement and decree must spell out that the mortgage payments are the sole responsibility of the spouse who stays in the house. This is important because when you apply for a mortgage in the future, you need to prove that this is not your responsibility.