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Your Divorce and Mortgage Questions Answered!

A woman organizing her finances after getting her divorce and mortgage questions answered.

There are a lot of things to consider when going through a divorce and mortgage questions might be at the top of your list – get some great information to help you make sound decisions.

Today we hear from Renee Guidaboni Coleman who is going to share the top divorce and mortgage questions she hears and why what she does can be a fantastic solution if you have those same issues. Here’s Renee’s take.

In my work as a CDLP (Certified Divorce Lending Professional), I have had many clients who were in the process of a divorce, or had already finalized their divorces.

Unfortunately, many of them were in a tough financial situation as a result of decisions or missteps they made during the divorce process. In most cases, divorce attorneys are not mortgage lenders. They don’t know all the nuances of mortgage lending. Roughly 70% of divorces involve real estate.

When it comes to the marital home in a divorce there are many factors that come into play:

* Can I keep the home?

* Do I qualify for the mortgage on my own?

* Can I buy out my spouse? What does that look like?

* Do we have to sell the home?

* Can I use child support/alimony as income to qualify for a mortgage?
–   How much will I receive?
–   How long do I have to receive it before I can use it?
–   How long does it have to last in order to use it?

* The difference between alimony & spousal support- it does matter

* What tax implications are there if I keep the home?
–   Capital gains tax down the road?

* Was there any deferred maintenance items that I will now be responsible for?
–   Will the roof need replacing in the next few years?
–   Is the water heater on its last legs?

As you start your divorce process, these are the things you will need to think about with your Divorce Attorney.

When you work with a CDLP, we take all the guesswork away – we help you achieve a better outcome. How you choose to deal with your mortgage during your divorce will have lasting implications. We serve as a financial neutral to gather necessary documents, compile estimated budgets, analyze data, and run scenarios so you don’t have to.

By putting numbers together to obtain mortgage approvals, we will discuss options for child support and/or alimony as income to help qualify you for a mortgage. All this, before you make any permanent divorce agreement settlements.

Reach out to me for any guidance. I’m happy to help 😊

Thanks, Renee! These divorce and mortgage questions are ones that anyone going through this process should know about and are very helpful! For more about understanding your finances during divorce you can read more here. Knowing what you don’t know and planning for it will give you a strong advantage as you navigate your new life.