Divorce and Need to Sell Your House?
Divorce can be a daunting process especially if you have a home mortgage that you want to get out of. What used to be your love nest has now become a major setback for you and your almost estranged partner. Aside from deciding to sell your house, there are other financial obligations that you have to deal with that can make you more stressed out during the divorce. If you are undergoing a divorce and need to sell, then check options that provide cash for houses. Read on to learn more.
Decide Who Can Afford to Keep the House
The first thing that you need to do is to decide if one of you wants to keep the house and if they can acquire a loan to pay the house to buy the other spouse out. If you have decided on who can keep the house, any agreement that you have agreed upon should be included in the marriage settlement. Both parties can work out through mediation through the help of lawyers. If one party can afford the house, then he or she should refinance the property under his or her name. This means that the name of the other house owner can be removed from the loan so that he or she can be free from the mortgage. If no one can keep the house their are options to sell your house fast to cash home buyers.
Divorce and Sell, Especially If You Cannot Afford It
While one of the parties may want to stay in the house for sentimental reasons, many divorce attorneys suggest that the most prudent thing to do is to merely sell the house. The sooner the house is put on the market, the better it will be for the both of you. However, as you both wait for someone to buy the house, make sure that you still continue to make payments in order to maintain good credit standing. If you prefer to find cash home buyers, you may be able to move on much faster from your home. Now if you cannot afford to make payment for the mortgage while the house is up for sale, you may consider getting a short sale in order to expedite the entire process of generating money to pay off everything. If you are undergoing the process of divorce and need to sell the property, you need to get out of the problem as fast as you can. Get in touch with a lender who can give you a short sale to fund the mortgage payment. A short sale is an agreement between you and your mortgage lender to sell the house for less than the mortgage so both parties walk away without any money. Getting a short sale is influenced by both parties’ credit condition. Also, look into the possibility of cash for houses.
Never Opt for Foreclosure
Experts do not recommend for you to walk away from your home and stop paying your mortgage until it forecloses. There are too many foreclosed properties all over the country that resulted to divorce. Foreclosure can ruin your credit rating for the next seven years. Moreover, the lender can also go after you and your estranged partner to claim the remaining balance on your mortgage. Go Bankrupt as Your Last Resort If you divorce and need to sell but your bank does not allow you to extend your short sale, then your last course is to file for bankruptcy. To do this, you let your ex walk away from the house as you take over the mortgage while undergoing the divorce process. You can then file for bankruptcy once you are divorced then renegotiate with your bank about your mortgage payment. Cash for houses after the divorce is one of the most important things that you need to do if you don’t want anything to do with the house anymore. That way, it will save you from financial and emotional problems attributed to divorce.
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