If you’re facing divorce or have just been through a divorce, disposition of your house here in Tamaqua is just one of the major decisions you must consider. Deciding what to do about it isn’t always easy, but it is necessary.
Setting aside any emotional disputes over “who gets the house,” there’s the issue of financial liability.
I don’t know if attorneys forget to inform their clients, or if clients in a highly emotional state fail to listen, but we’ve seen many individuals whose credit was ruined because their ex-spouse defaulted on the mortgage loan. They didn’t think the payments were their concern because the judge gave the house to their ex-spouse.
The fact is, banks don’t care if parties divorce. They only care about the signatures on the loan. So even if a judge grants possession of the house to one party, if you both signed the mortgage loan, you’ll both remain liable until that loan is paid in full. Late payments, missed payments, or a foreclosure will appear on both of your credit reports.
If the person in possession can refinance in his or her own name, the problem will be solved. If not, it’s probably wisest to simply sell the house.
If yours was a friendly divorce, the decisions you’ll have to make won’t be any more difficult than they are for anyone else. If it wasn’t, getting together to decide on the price, negotiate with buyers, and make the house available for inspections and the appraisal can be difficult.
That’s where I come in. I’ll be happy to prepare a detailed market analysis that shows you just what that house is worth in today’s market. Then I’ll be happy to meet with each of you separately. I’ll do the same when it comes time to consider offers and negotiate with sellers. And… I can be there to admit inspectors and the appraiser.
Divorce can be emotionally devastating. Don’t let your mortgage loan make it financially devastating.
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