What Flower Mound Divorcees Need to Know About Their Home Before Finalizing the Divorce

Summary

This post explains what Texas homeowners should know about handling their mortgage and home title during a divorce. It covers how to find out your home’s value, how to remove a spouse from the loan or title, and what steps to take before the divorce is final to avoid financial mistakes and protect your equity with the Texas Owelty Lien.

Specializing in Divorce: Preparing Best Expectations

For nearly 24 years specializing in Divorce Lending, its too common that one of the spouses comes to me after the divorce is complete, and finds out hard truths. This is why it is so important to connect with a divorce lending specialist before you finalize your divorce.

Determining the Value on Marital Property: How To Save a Little Money

First off, what happens to the equity in the marital home is almost always a hurdle in the divorce process. Therefore, agreeing on a property value is a big deal. Many times, the divorcing spouses will choose to buy an appraisal during the process. That is not 100% necessary in every divorce, though sometimes from lack of trust between spouses it has to go that way. If the spouse keeping the house is ordered to refinance and remove the leaving spouse from title and the loan, the lender will have to order their own appraisal during the process anyway. I’ve seen attorneys write into the divorce decree that the value of the property will be determined upon refinancing and then they can write in how they want the equity split.

How Equity Splitting in Divorce Works Using an Owelty

Many banks use a costly cashout refinance to buyout a leaving spouse. The most cost effective way to handle a buyout in a refinance is by using an Owelty. It allows you a better interest rate, and you can access more of the equity than a cashout refinance. Using an Owelty for the divorce buyout is the way to go.

How a Divorce Lending Specialist Tools You For Expectations (Video): Bonus! The Owelty in the Buyout

Thinking about divorce, or already in the process with an attorney? Call me today and lets talk realistic plans for the ink dries on your divorce! 469-450-2723