Mortgages and Divorce
We have all heard the statistics: nearly 50% of all U.S. marriages end in divorce.
During this time of upheaval, one thing that shouldn’t have to change is the credit status you’ve worked so hard to achieve. Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills and a breakdown in communication can lead to unwanted credit issues. These issues may affect your ability to refinance your current loan or purchase a new home.
The good news is it doesn’t have to be this way. By taking a proactive approach and creating a specific plan to maintain and protect your credit during divorce, you can ensure that “starting over” doesn’t have to also mean rebuilding credit. The first step is to obtain a valid copy of your credit report.
Once you’ve gathered the facts, it’s time to make a plan:
- Can you purchase a new home now or will you have to wait until everything is finalized?
- Can you refinance the house to pay off your spouse and consolidate debt?
- Can you use child support or alimony to qualify for a new mortgage? How long do you have to wait?
These are some of the questions that we can assist you with. Divorce is difficult for everyone involved. By having professional advice, both legal and financial, you can ensure that your credit remains intact