The Impact of Divorce on Mortgages

Divorce can have a significant impact on mortgages especially if the loan is under both you and your spouse’s name. For most couples, the marital home is one of the largest shared assets. Navigating this process requires adequate legal and financial aid. This guide will help you to navigate the impacts divorce will have on your mortgages. 

1. Refinancing Challenges: In order to remove someone from the mortgage, the remaining borrower must qualify for refinancing which means that you have to prove that you can manage the mortgage on your own.
2. Joint Mortgage Liability: If the owners of a house go through a divorce, both parties are still responsible for the loan. If either one of the parties can’t pay the loan, both of their credit scores will be affected. 
3. Seeking Lender Guidance: Contacting and communicating with your lender throughout the divorce process can help you to explore options such as modifying the loan terms or releasing liability for one party.

Let me be your financial advocate as you navigate the divorce process. As a Certified Divorce Financial Analyst, and CDFA®, I can help you avoid costly mistakes and educate you on current and future budgets, provide a financial road map, and help you understand what assets you have, what you spend, where you spend it, and more. Don’t let divorce set you back.

You don't have to go through this alone.

Contact me today at 716-800-4290 to schedule your first appointment.