Allow me to simplify this:
When couples divorce and jointly own a house, a frequent issue arises that many overlook, and here's what often occurs.
The judge mandates one party to refinance the house within 90 days, but there's no verification of whether they can actually do so – perhaps they can't qualify!

The big issue is this: If you and your ex both signed the original mortgage, you're both still legally responsible for paying it back - even after divorce. Many people think, "My ex got the house in the divorce and they're making the payments, so I'm fine." This is dangerous thinking!
Think about this! What if your ex stops making payments (maybe they lose their job, have a medical issue or just stop paying), the bank can legally come after YOU for the money, even years after your divorce, even though you are not living there anymore. They can foreclose on the house, which will destroy your credit score and prevent you from buying another house for a long time, up to 10 years!
To avoid this nightmare, here's what you should do:
When getting divorced, ask your lawyer to suggest a Divorce Lending Specialist - not just any mortgage person. A regular mortgage officer isn't enough here. You need someone who really knows about divorces and mortgages together.
As a Certified Divorce Specialist (CDS), I can tell you a warning sign: If a loan officer tells you "Just bring me your divorce papers when you're done and we'll handle the refinance then," they're not the right person. A good Divorce Lending Specialist will want to start working on your refinance BEFORE the divorce is final.

Don't just trust that your ex-spouse or attorney will handle everything – get the right advice and protect yourself by working with the right specialist who understands these situations and can help stay safe. This way, you won't be stuck paying for a house you don't live in anymore or spend years trying to rebuild your credit.
For additional information or a brief (FREE) consultation call me at 469-556-1185.
For a no-obligation Market Analysis on your home, call Geni Manning at 469-556-1185.

If you are thinking of, or in the middle of a divorce, we want you to know you're not alone and we’re here to help. If you would like to discuss how we can assist you with your future plans, please give me a call at 469-556-1185.
Geni Manning
Disclaimer: The information provided in this website and our blogs is not intended for legal, financial or mental health advice but is for general informational purposes only. While we endeavor to provide the latest information on a particular subject, future changes to the source Information is beyond our control.
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