Because of tightened lending standards since the Great Recession, it’s more and more common to find situations where one spouse wishes to retain the marital home but can’t get approval to refinance the home into their name.
When this happens in your divorce, you both have some choices to make.
The most obvious option is to sell the home and split the profits, but not all homes can be sold for a profit.
There are creative approaches some couples are able to make work when they can’t sell or refinance a home.
One is to use it as a rental property, splitting the costs and profits.
This really only works if you and your spouse can work constructively together.
If you can’t, then a short sale may be feasible, where the bank allows you to sell the home for less than the balance of the mortgage.
This can damage your credit, but divorce often causes a credit hit.
Every situation is unique, and your circumstances may allow for still more options.
The attorneys at Zelenitz, Shapiro & D’Agostino are experienced divorce attorneys who help our clients get the best possible outcomes in their divorces.
Call us today at 718-523-1111 and talk to an experienced Queens divorce lawyer for free.