Because of today’s lending standards and housing market, many divorcing couples find that a mortgage buyout and the necessary refinancing into your own name isn’t financially feasible, or even a realistic outcome.
If your home is underwater, where you owe more than the property is worth, it’s unlikely that you’ll find a lender willing to refinance it at all.
And if your credit is less than pristine in today’s lending environment, it can be extremely difficult to get the money necessary to fund a buyout.
Every divorce where the couple owns a home together includes figuring out how to deal with it.
There are still a lot of instances where a home that had good value before the Great Recession hasn’t recovered, and the couple is basically out of luck.
In these cases, exploring a short sale may be in the best interest of both parties.
There are many options in these situations, some better than others, but there are always ways to handle the situation that will help you move forward in the long run.
Call the attorneys at Zelenitz, Shapiro & D’Agostino today at 718-523-1111 to speak to an experienced Queens divorce lawyer for free.