Divorce is a sensitive subject. The biggest mistake I see homeowners make when they are getting a divorce is not speaking to a real estate divorce specialist prior to mediation. If you or anyone you know is getting a divorce & you want to know your options when it comes to keeping or selling your house, I am always happy to have a conversation.
Here are some tips to keep in mind if you are a homeowner who is getting a divorce.
1️⃣ If one spouse is keeping the house, signing over the title is not enough. The spouse who is keeping the house must also refinance the loan to remove the other spouse from the mortgage.
2️⃣ If there is a home equity line of credit with no balance, it should be closed so that spouse who kept the house cannot draw on it in the future.
3️⃣ A title report should be ran before finalizing the divorce to ensure there are no unknown liens against the property such as tax, gambling or mechanics liens. When the spouse who kept the house goes to sell in the future, they would be responsible for paying off any liens.
4️⃣ If it’s not possible for the spouse who is keeping the house to refinance, the only other way to get the other spouse off the mortgage would be to sell the house.
Save this post for future reference & send to a friend who could use these tips.
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