Can you force someone to refinance?

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.

Should I refinance home before divorce?

The benefit to refinancing before the divorce is finalized is that you both have skin in the game and it benefits both of you to settle the issue. After the divorce (especially in a nasty one) trying to get some cooperation from your ex on these issues can be harder to do.

Can you get a mortgage while going through a divorce?

If you’re eligible, you will be able to refinance and extend your mortgage to 95% of the property value. You may also be able to increase your home loan to pay out a divorce settlement. In this situation, you may be required to pay Lenders Mortgage Insurance (LMI) if you loan more than 80% of the property value.

Can I get an FHA loan after divorce?

You’ll likely need some type of down payment as you try to buy a house after a divorce. Even if you take an FHA loan as that has the most forgivable requirements, you’ll need to put 3.5% down on the home.

What happens if you buy a house during a divorce?

Buy A House Most often if one spouse owned the house before the marriage, the other spouse will only be entitled to half the increase of the value of the property. The courts will often look at how long the couple has been married to determine how much one spouse has to pay another spouse during the divorce.

Can I buy a house in the middle of a divorce?

You can purchase the house before you receive the divorce decree. However, if done improperly, you could make some serious mistakes that could impact your finances and affect ownership of the home.