Divorce and Refinance Considerations. The following divorce and refinance questions touch on the issues that are important when you’re faced with either keeping the marital home.
A common way for divorcing spouses to accomplish a buy-out is to refinance the home (making sure the new loan is in buying spouse’s name alone), and take out enough cash from the home equity to pay the non-buying spouse his or her share. Once that’s done, the home must also be transferred into the buying spouse’s name alone.
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.
· If you’re getting a divorce, the tax implications probably are not the most pressing issue in your mind. The specifics of filing taxes after divorce and how you draw up your divorce agreement could make a big difference when it comes to your tax refund. As you prepare for life after your divorce.
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Are you planning on getting a divorce? Understand the advantages and disadvantages of refinancing your home before a divorce. It some cases, it may be mutually beneficial to refinance a home before finalizing your divorce.
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A refinance involves a borrower obtaining a new mortgage loan to pay off an existing mortgage. Refinances are typically done during a divorce when only one party is keeping the home, and the other.
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Spousal loan refinancing is when you combine your loans with your spouse. You could be stuck paying your spouse's debt after a divorce.
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Refinancing is something we do at Accunet all the time, but when it’s refinancing a home for divorce, there is a timetable you’ll need to be aware of. We like to break down it down into three stages, as each stage affects refinancing differently. contact accunet Mortgage today for help refinancing by divorce.