Should I refinance my house before getting a divorce?
Should I refinance my house before getting a divorce?
Option 1: Refinancing before filing for divorce (easiest) This is because, when you talk to your mortgage lender about refinancing, they will ask you your marital status. If you refinance before you file, you report that you’re still married, and then removing one of the spouses from the mortgage loan is much easier.
How is equity divided in a home when divorcing?
How is home equity divided in a divorce?Sell the house and split the proceeds.One ex-spouse keeps the home and refinances the mortgage to remove the other from the loan.Both former spouses keep the house temporarily.
What happens if I can’t refinance after divorce?
If you’re not willing or able to sell or refinance your home, your other choice is to keep the home and the mortgage intact. Both parties remain on the loan and liable for the payment. This requires specific language in the divorce agreement about who will make the mortgage payments each month.
Can you force someone to refinance?
Brette’s Answer: It is difficult to force someone to refinance because it’s up to the bank whether he qualifies for a loan. What indemnification means is that if he fails to pay and the bank comes after you, you can in turn sue him for the costs you face. It’s not a perfect situation.
