Clients

  There are a number of ways in which one party can keep the marital home:

• Refinance the current balance into one parties name.
• Use other assets to pay off the balance, ie investments, savings, retirement.
• Structure support to ensure the payor or payee can support the mortgage payment on their own. 

It has been received for:

• 6 months, with a conventional loan
• 3 months with a VA loan
• 12 months with a USDA
• 3 months with an FHA loan

1. It is going to continue for a minimum of the next 3 years after the closing date.
2. It is documented with a divorce decree, separation agreement, court ordered or other legal written document is in place
3. Voluntary payments are not acceptable
4. Proof of receipt is required, by way of cancelled checks or bank statements.

• Second homes can be treated much the same as the marital home, or the family may choose to sell the second home and split the proceeds or remaining debt.
• Investment properties may also need to be refinanced, this can be complex if the parties have claimed rental income in the past filling jointly.  Speaking with a professional is imperative if income producing properties are owned jointly. 

Cash-out refinances are frequently utilized to settle the marital estate.   The equity in the home is taken out through a new mortgage and the difference between the current mortgage balance and the new loan is then paid in cash to the borrower.  The maximum loan amount is 80% of the appraised value of the home, so if the current mortgage is $50,000 and the home appraised for $100,000 the borrower would be able to receive $30,000 in a Cash-out refinance.