Do you know anyone considering a divorce and wanting to keep the current loan on the house?
If you currently have a crazy low mortgage rate, here is a little known solution to allow a spouse to stay in the home and keep the loan. It will save you a TON of MONEY.
What’s the catch? NOT every lender will approve this loan, so you will need the right lender. Call me, 714-310-4162.
Scenario: Mary is divorcing John. John is on the mortgage loan.
Solution: Negotiate these terms in the divorce:
- Spouse (Mary) agrees and is liable for the mortgage loan, insurance, taxes, HOA, etc.
- Spouse (Mary) agrees to pay loan on time for 12+ months, ongoing forever
- Spouse (Mary) pays from her own account, no joint accounts, etc.
- Judge signs divorce decree
When the divorcing spouse (John) applies for another loan to purchase a home in 12+ months, John shows 12 months of cancelled checks of mortgage payments & copy of divorce decree. Lender does not include old loan in debt payment calculations or responsibility. John gets new loan and buys home. Success!!!
Rave review on Google:
“Dan Stone was wonderful to work with! Great service and he found me and my wife a great loan for our refinance. Definitely would recommend his service!” -Stephen L.
“Dan Stone was wonderful to work with! Great service and he found me and my wife a great loan for our refinance. Definitely would recommend his service!” -Stephen L.