One of the many decisions a couple has to make when going through the divorce process is who will get the family home.
There are usually three options: (1) the wife gets the house, (2) the husband gets the house, or (3) they sell the home and split the proceeds.
Whether or not you need to find a new home or remortgage to have your spouse’s name removed, finding a lending institution to finance a mortgage may be difficult because of your new financial situation–single.
There are several issues that may hinder your ability to get a mortgage on your own. This includes what your income is (now that you may be going from a two-income household to a one-income household), especially if you are also now paying alimony and/or child support. A lender will also look at what your credit score is–which may also be lower than it was when you were married.
Another issue that may come up is that a lender may feel you would be overextended with a new mortgage. This could happen if your spouse is staying in the marital home and is unable to secure a mortgage of their own. You may have an agreement in place that your spouse is to make all mortgage payments. However, the fact that your name is still on the mortgage makes you just as financially liable. This could make another lender very leery in underwriting a new mortgage for you.
If you are going through a divorce and are interesting in finding a new home or working out your existing property, you should discuss your options with an experienced Kane County divorce lawyer. The attorneys at Bochte, Kuzniar & Navigato, P.C. can offer advice on the best course of action for you to take. Call (630) 377-7770 to schedule a free consultation with a qualified legal professional.