Who knew that buying property together would lead to such a nightmare in the divorce process? In my state of divorce filing, any marital property needs to be dissolved before a divorce is finalized. Now what issues does this present for being free of my past life. There are are limited options, if one party is interested in keeping the property this party must refinance the loan(and hope you qualify) to remove the other party from the loan. In light of the economic conditions in this country there are a number of homes in foreclosure which are mixed in with divorce proceedings. What happens if the house is in foreclosure? This presents another pile of issues. If the property is in foreclosure a reinstatement amount is calculated by the law firm handling the foreclosure file. If one party is interested in maintaining the home, that party must pay the reinstatement amount and then refinance the loan(and hope you qualify) to remove the other party. Lastly, selling the property and walking away is the ideal situation. There is nothing ideal about divorce and typically one party is the crux to making this a smooth process. I know see why pre-nups are soooooo important!
Free2bMe
No comments:
Post a Comment