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Divorcing Your Mortgage

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Divorces are anything but simple, and complicating the process are decisions about what to do with the marital home and its existing mortgage.

It’s important to remember that divorce isn’t a release from debt. Just because you are no longer married to someone, doesn’t absolve you from your mutual debts. Preparing for divorce financially, especially if you have assets, typically requires an accounting of assets and debts, a decision on how to split them equitably and an execution of legal documents to divide financial and real estate assets.

Your commitment to marriage may have ended, but your commitment to your mortgage has not. So BEFORE you make decisions about your home or mortgage during a divorce, make sure you have the right people around you, including a good divorce attorney, a financial planner and a mortgage broker.

Divorce Mortgage Guidance – What is it and Who needs it?

Divorce Mortgage Guidance is a free service provided by Spectra Mortgage that helps divorcing homeowners make informed decisions about secured house debt and resolve real estate gaps in their divorce case and marital balance sheet.  As a trained and designated RCS-D (Real Estate Collaboration Specialist-Divorce) specialist, we work with family lawyers, mediators, financial professionals, and divorcing homeowners to help preserve home ownership eligibility and help protects credit scores for each divorcing spouse.

Divorce has been known to damage credit scores and we want to protect you from that. Even if you don’t have a marital home with your spouse now, Divorce Mortgage Guidance is still important to you, as above all, saving your credit score before, during, and after the divorce is critical to ensure you can move forward with obtaining new credit and insurance once the dust has settled.

Divorce Mortgage Guidance really takes a consumer protection approach and is most valuable during the discovery phase, which is before mediation and the collaborative practice phases enter the picture. Our goal is to help you structure the property settlement agreement to make an informed decision and secure future financing success.  We assist you with being a document wrangler and review mortgage underwriting and guidelines to help avoid any mistakes on the property settlement agreement that would preclude you from getting funding for a new loan.

Divorce may feel like the end of the world, but there is life and financial peace after the storm passes.  Let Spectra Mortgage help you navigate thru the eye of the storm and help keep your financial standing strong.

Divorce Can Be Messy – Make Sure Your Financial Standing Isn’t.