Refinancing while divorcing is a very hard thing to do. Emotionally and financially, it can be very stressful. Finding an experienced mortgage lender in Texas capable of handling this delicate situation is essential. Texas is a common law state and if you are married and own Real Estate that is considered your primary residence with a homestead exemption, both spouses have equal rights to the equity in the home. Equity is the value of the home minus the mortgage loan amount. The Owelty Lien is designed to give each spouse what is owed to them as detailed in the divorce decree states. I have found that the Owelty Lien is one of the best tools in finance designed to help make the division of home equity possible without selling the home. An Owelty Lien is also essential to remove one spouse from the existing mortgage. Most people erroneously believe that the divorce decree releases them from the responsibility of the mortgage debt. This is incorrect. Even if the decree awards the home to one spouse, if the other spouse is on the original mortgage they are still responsible for the debt and any delinquent or negative credit reporting will be reflected on both spouses credit report. Often this is the last hurdle in a divorce and can be a very emotional transaction that requires attention to detail and empathy. Most lenders and loan officers are not even aware of this type of transaction. Our years of experience will make this work for you. Owelty Lien Refinance and a Texas Cashout Refinance, What is the Difference? Read More: by clicking the link below. mortgageprosus/RefinanceWhileDivorcing
Posted on: Mon, 16 Jun 2014 19:56:09 +0000
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