IGotAMortgage Inc.
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Divorce-Spousal Buyout Mortgages

Divorce-Spousal Buyout Mortgages

Divorce can be a traumatic event for the whole family, especially any children involved. Often, one of the spouses will want to stay in the home. When children are involved, it can be less distressing if they are allowed to stay in a home where they grew up and are not forced to move to a new place.

In a divorce, it is necessary to obtain legal counsel so that the paperwork can be processed according the law. Once these issues have been settled, the spouse remaining in the home may need to refinance the mortgage loan. This is done for two reasons:

· To get the deed transferred into the name of the spouse who is staying
· To pull money out of the equity in order to pay off the other spouse

Though this can be a very trying time for all concerned, remember that being delinquent on your house payment or other bills can adversely affect your credit. It’s important to keep payments up to date while negotiating the terms of the divorce.

Customarily, there is an 80% LTV limit when a homeowner pulls equity out of their homestead. During a divorce, it may be possible to pull out more than that amount however.

At I Got A Mortgage Inc. we help people in all kinds of situations with home mortgages. We understand that your home is important to you and that it represents your biggest single investment. We will work to help you design a financing program that will make it possible for one spouse to remain in their primary residence after the divorce.

With many years of experience, I Got A Mortgage, Inc. is in the business of helping families secure the funding they need to purchase the home of their dreams. Contact us today to learn how we can help families who are in the midst of a divorce.