Divorce can be stressful but with the help of Ideal Lending, the future of your mortgage doesn’t have to be.
It starts with avoiding these common mistakes.
- Not having a pre-divorce home inspection completed.
Both parties should be aware of the condition of the property, so there are no questions about the home’s current value.
- Not conducting a search of your property tax bill and title.
Are your property taxes up to date?
Who has claim to the property, as listed on the title documents?
Are there any liens or open lines of credit attached to the home?
- Not completing an insurance review.
Did you know that home insurance may have a public report attached to it? It’s called the Comprehensive Loss Underwriting Exchange (C.L.U.E.) report. You want to be sure that incorrect information is not included on the report.
- Leaving one spouse on the title but both on the mortgage note.
If you choose to walk away from the home and your former spouse fails to pay or makes the payments late, your credit history and credit score can be adversely affected. If you will no longer be responsible for paying the loan installments, your information should be removed from all relevant accounts and documents.
- Mortgage-related questions may arise during the divorce process, and although you can choose to go it alone, an Ideal Lending mortgage professional may be able to offer guidance and support with these questions.
Allow Ideal Lending to help you accomplish this step in your transition so you can move forward to a secure future. There is no obligation and the initial consultation is free. We’ll be happy to answer any questions you may have.