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After Divorce: Is Getting a Mortgage Impossible?

After Divorce: Is Getting a Mortgage Impossible?

Posted By Meyers Law Group, P.C. || 21-Jun-2013

If you have owned a home in the past, you are well aware that getting a mortgage is no easy feat. However, you may be concerned that later on after your divorce the process of doing so will become that much more difficult. While it may not be easy, it is entirely possible for those who have gone through a divorce to be approved for a mortgage, even if your separation was not a simple one.

If you are planning on seeking to be approved for a mortgage after your divorce, it is important to realize that you will need to be completely honest with the borrowers of your current life situation. You will want to help them understand that you are just out of a divorce, etc. in order to help them determine what is going to be best for you. Honesty up front is always worth it in the long run.

Another helpful fact to consider is that if you received any form of income from the divorce settlement or are currently receiving alimony payments, then the borrowers will likely considered this as a qualification for you to get a mortgage. Even if you are receiving child support payments from the other parent, this will count as a source of income.

However, if you are the one making the alimony or child support monthly payments, then the borrower will consider this as debt or less of an income hat you earn. This may have a negative effect on your ability to qualify for the loan.

In the event that you and your ex-spouse own a home even after the divorce, and you are currently connected to the same mortgage as them still, you have another possibility to be approved on your own. Here you must be able to prove in the divorce agreement that the other spouse was awarded the home and also that they are willing to give you proof of payments on the mortgage over the last year have been made by only them. If this is the case, then you may qualify or at least have a better chance at approval.

It is also important to known that when it comes to mortgage underwriting, there is no statute of limitations which means that regardless of how long you have been divorces, the borrowers will need to see the divorce decree before approving your loan.

If you are considering a divorce, please do not hesitate in contacting The Meyers Law Group, P.C. today to learn more about the cress and how to divide your property well. Our firm has years of experience and we want to help you along the way.