When you are getting divorced, who gets the home? That depends on your individual scenario, but in a lot of cases, a refinance is required.
- Let’s say just one person is listed on the title and mortgage. Unless a judge orders that the home be transferred or divided, that person gets to keep it. No refinance is needed.
- One party may decide to give up their equity in the home in exchange for something else, or simply to end the process more quickly.
- One party may have to buy out the other (common).
- Both people may sell the house, then split the proceeds from the sale. Sometimes this may be a mutual agreement. Other times, a court may order it when no agreement can be reached.
If both partners were listed on the mortgage, a refinance is the only way to remove the one who will be moving out of the home.
The person who wishes to stay on the mortgage will need to qualify based on their individual income, credit score and DTI ratio.
As a result of these different qualifications as well as current mortgage rates, the refinanced mortgage may have different rates than the original.
A lawyer can assist with the process of transferring the home’s title while you refinance to remove the other party from the mortgage.
Get Help With Your Divorce Refinance in Florida
If you are getting divorced in Florida, the Florida State Mortgage Group can help you refinance your mortgage. We will walk you quickly through the process so you can move on with your life. To get started, please give us a call at (954) 359-3000 to schedule your consultation. We can help you refinance anywhere in the state.
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