Helping homeowners make informed decisions during divorce
What topics will we discuss?
In our conversations, we will…
- discuss the financial and family impact of keeping vs. selling the home
- review your credit history and a game plan for protecting your credit score
- research your home and other real estate owned to uncover hidden issues
- provide a mortgage pre-approval, or create a game plan to take sole ownership of your home or buy a new home
- advise your legal team of real estate issues that deserve special consideration during divorce negotiations
What questions should I ask?
Here are some common questions from divorcing homeowners:
THE BIG PICTURE
- Can I qualify for a mortgage on my own without my spouse?
- How is homeowner’s equity divided in a divorce? How does one spouse buyout the other?
- What if my spouse and I disagree about what to do with the house or the mortgage?
- In my situation, when is the best time to refinance the home or buy a new home… before or after the divorce is finalized?
YOUR CREDIT
- How can I protect my credit score during the divorce process, or rebuild my credit?
- What are my options if I have no credit history or have a low credit score?
- Can I use a refinance to pay divorce costs?
for the STAYING SPOUSE
- Will I be better off in the long run by keeping the home or selling it?
- I just started working again. Can I qualify to refinance the home or buy a new home?
- Can I assume the mortgage without having to refinance?
for the GOING SPOUSE
- How soon can I buy a new home?
- How will the divorce affect my purchasing power?
- My spouse can’t qualify to refinance and the mortgage is still in my name. Is there a way to fix that?
How much does this service cost?
We do not charge for real estate guidance and due diligence for divorcing homeowners. This service is a kind of “enhanced” mortgage pre-approval. It is customary in our industry to provide free pre-approvals to homebuyers, and it is also our practice to provide free consultations to existing homeowners. It would be improper (and rude!) if we charged our divorcing clients for this service and not others.
What if I already have a favorite lender?
Feel free to use our services even if you have a relationship with another lender. Most lenders do not specialize in divorce and financial planning issues, so you may get more holistic guidance from our team at LendTrue. You are not obligated to use LendTrue as your lender or broker after receiving our real estate guidance; however, we hope you will consider us for the job!
What about third party fees?
Some clients will need third-party services as part of the divorce due diligence process. If additional services are needed, we can make recommendations and help coordinate, and the fees will be paid by you directly to the provider. For example, a “title search” from a real estate attorney, a home inspection, or an appraisal report to determine the market value of your home.
