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To get that $62,500, you might refinance to a new mortgage for your remaining balance ($275,000) plus $62,500, and use the cash to pay your ex. Alternatively, you could open apply for a home ...
However, things can get more complicated if the property has a mortgage or another lien, like a home equity loan. In a divorce, the ownership of the property and of the outstanding mortgage are ...
Splitting assets in a divorce can depend on where you live and the date of acquisition. I'm 39 years old and my spouse filed for divorce — they didn't contribute to the mortgage at all. Are they ...
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
She says couples going through divorce have three options: - Keep the home together. That, however, can be dangerous, as you co-own a property with your ex, which can lead to arguments or worse ...
Transfer of property with an existing mortgage loan that is made without the lender's consent is sometimes referred to as a sale "subject to" the existing loan. In most cases, this type of transfer does not avoid the lender's right to call the loan due under the due-on-sale provision in the loan.
Divorce laws and the nature of the debt play crucial roles in determining which party shoulders the responsibility. In many cases, what happens to debt is decided during the divorce proceedings.