Divorce Lending Series – Part Six – Documentation Needed
Each divorce is unique and the documentation needed will vary based on the circumstances. In addition to the standard mortgage financing documents like, tax returns, W2’s/1099’s, pay stubs, and bank statements, the most common documents needed in a divorce lending situation include, but are certainly not limited to: Executed copy of the final divorce settlement agreement, […]
Divorce Lending Series – Part Five – Who’s on Title?
Title vesting is the manner in which ownership, aka title, is held on a property. Various states have various ways of holding title. For this posts purpose, we are going to concentrate on the State of Michigan. Here are the most common forms of title vesting in Michigan Tenancy By The Entirety – Only a married […]
Divorce Lending Series – Part Four – Mortgage Guidelines That Matter In Divorce
For a Certified Divorce Lender, one of the most important, if not the most important goal, is ensuring our clients housing goals are met, post-decree. In order to do so, a Certified Divorce Lender must be educated in the mortgage lending guidelines impacted by divorce. There are several impacted, but the three most common are: Contingent Liability A jointly obligated debt in which […]
Divorce Lending Series – Part Three – How To Value The Home
One of the first steps in working through real estate issues in a divorce, is to determine the value of the marital real estate. If you and your spouse are unable to agree on the current market value(s), there are several valuation methods that can be used. Tax Assessed Value The tax assessed value is […]
Divorce Lending Series – Part Two – Maintaining Credit During Divorce
Maintaining your credit during divorce can sometimes be a challenge. However, understanding what impacts your credit score ahead of time can be very beneficial. Here are a few suggestions to help maintain your credit during the divorce. Communication between both parties can help avoid any miscommunication as to who is paying what bill Ask each […]
Divorce Lending Series – Part One – Timing Of Filing The Divorce Petition
The timing of filing a for divorce with the court has a direct impact on mortgage financing. When a divorce is filed, most mortgage lenders will require either a temporary settlement agreement or final divorce settlement agreement, also known as the final decree of divorce, in order to complete and close a new mortgage application and/or loan. […]
Should I Use A Family Member As My Realtor?
Family is wonderful most of the time, but do you want them as your Realtor, helping you with what might be, the biggest purchase/sale of your lifetime? The short answer is, there is no right answer. Working with family can be great, but it also can be problematic. If you take into consideration the following steps when […]
So You Want to Buy Your First Home!
Is it the “right time” to buy? I get a lot of questions about real estate and mortgages. For the most part they’re all great ones, but probably like you in your profession, I hear many of the same questions. One of the ones I get quite frequently is “when is the right time to buy my first house?” […]
And We’re Back……….
So it’s been a while, but now “we are back from a commercial break”, as my good friend Ken Kellner says over a megaphone in his tiki bar every time someone new walks in. Why is this relevant, you may be asking yourself? Well, during my “commercial break” I honed my writing skills, educated myself on the virtues […]
“Everything you need to know about Conventional Loans”- FTHB Series
Now that we have identified all of the different mortgage options and their general differences, we will start breaking down each option in more detail. In this post we will be covering “Everything you need to know about Conventional Loans”. If you missed our last post, Click Here to check it out. Mortgages can fall in one of […]