Divorce and Your Home

Not only is it important to talk with a divorce attorney but you will also want to speak with a mortgage professional if you and your spouse own a home together.

If you choose to keep you home you will want to know how to go about refinancing the mortgage and the best route depending on whether you need to take cash out of the property or just remove the spouses name from the loan. 

Many do not know that you can get a name delete assumption.  A name delete assumption is getting someone else’s name removed from the mortgage and keeping the same loan.  It is much less expensive then your traditional refinance.  You will want to call your mortgage servicer and ask for the assumption department.  Every bank is different so the costs will vary.  I believe Wells Fargo charges $500 but if you have an interest rate of 5% and rates are now at 6% you will want to keep that low interest rate. 

The article below has a lot of great information. 

http://mortgageminute.mortgage-market-news.com/2009/11/12/divorce-mortgage-–-essential-things-you-need-to-know-about-your-house/