Refinancing your home loan after divorce The one major "pro" of waiting to refinance until after your divorce is final is that there will be a court decree about what must take place. If there are any debts or equity that need to be divided, the outcome of the court proceedings will dictate what is to take place.
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Sometimes the person that keeps the home in a divorce doesn’t have sufficient income to refinance the mortgage. In other instances, the spouse has lost his or her job and can’t refinance the debt.
If either spouse wants to keep the family home after a divorce, refinancing is often necessary in order to "buy-out" the other spouse’s interest in the property.
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As a single parent, affording a mortgage can be incredibly difficult. We’ve discussed what the divorce house buyout means, but we haven’t touched upon being able to refinance house after divorce. In this article we will cover refinance of the house before or after divorce, we will look at what happens if you can’t refinance the house after divorce and the buyout process.
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If you are the one who keeps the home after the divorce, you will have to take the loan while the other spouse goes through the buyout. Refinancing takes time and it’s often an emotional process. The first question you need to ask yourself is: are you able to do it?
It is common for one of the spouses to want to keep the property, and that would involve a number of steps, including refinancing after divorce.
Reasons to keep the house in your divorce: You can afford it easily on your own. This means that after any refinance, buy-out, you can easily afford monthly mortgage payments, taxes, insurance and upkeep on your own income. If you require alimony or child support to stay in the address, that is too risky.
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