When couples are no longer in love, they may decide to end their marriage – file a divorce. Unfortunately, that does not end the mortgage payments too. In the eyes of your mortgage lender, your marital status will not change. You still have your mortgage to pay.
About ten to fifteen years ago, it’s easy to just sell your home, split the equity and then purchase other homes individually. Ten to fifteen years ago, divorced couples were focused on dividing up their assets. These days, liabilities are being divided; and your mortgage is your biggest liability.
This article will tackle the how’s on divorcing your mortgage.
Naturally, the easiest solution would be to sell the home. If you are in Oklahoma, you can contact local companies who offer to buy houses fast in Oklahoma. So sell the house , pay off your mortgage and split the proceeds, if there’s still any left.
But what if you owe more than your mortgage? If that’s the case, then selling becomes more easily said than done. In this case, you may decide to do a short sale but with the risk of a negative effect on your credit score. Of course, you would still be liable for whatever is the difference from the sale and the total mortgage owed, unless the bank agrees to waive all other liabilities after a short sale.
Refinance the Loan under One Name
Okay, so one of you wants to keep the house and the other will move out. That can be made possible by refinancing the loan granted that:
* one of you has sufficient income and credit to qualify for a refinance
* you, as a couple, are up-to-date on your mortgage payments
* your ex-spouse agrees to let go of the house
If refinancing is not an option, maybe you can try a loan assumption. A loan assumption is when your mortgage company allows one of you to assume the loan. Of course, you have to have the necessary requirements to make the monthly payments.
Stay Married to the Mortgage
If none of the above options sound appealing, or maybe you simply don’t qualify for them, then you’ll have to stay married to the mortgage. Simply allow the mortgage to run its course and try to make sure that your ex keeps up with his/her share of the payments.
This last option is going to be risky because if one of you fails to make the mortgage payments, then both your credit scores will be affected. It is therefore recommended that proper precautions be in place. List down agreements as well as punishments on the ex-spouse who doesn’t make his/her mortgage payments.
Yes, getting a divorce will not free you of your mortgage payments but there are steps that you can take to ensure your separation goes smoothly. Will you be keeping the house or selling it to companies willing to buy houses fast Oklahoma?
Do You Need To Sell Your House in Oklahoma?
You’ve tried to sell your house but are running into roadblocks. You probably even tried calling a real estate agent. Sometimes selling a house the traditional way with a real estate agent is simply not the best for everyone. As you know, there can be lots of pitfalls when selling a house the agent route, including: having to clean up and repair the property so it shows well, (open houses in Oklahoma City is not always fun) finding an agent who you trust and who can deliver on their promise (selling your house quickly), signing a contract that binds you to an agent for a certain term, the piles of paperwork you have to sign, shuffling paperwork back and forth from buyer –> to agent –> to you… and back.
The biggest issue with trying to sell with a real estate agent or selling it yourself is often times retail buyers will tie up a home for weeks and pull out on the deal at the last second… or have their bank loan fall through.
It can all add stress, months to the process, and in the end after paying the agent fees, you may or may not be ahead of the game because homes for sale in Oklahoma City can get very competitive.
We work differently. We will provide you a fair all-cash offer on your house within 24 hours of submitting the short property info form below and can close when you want to close. If the house is in terrible shape and you don’t want to (or can’t) fix it up… NO problem, we’ll deal with it for you. If you need to get something done quickly, we can close in as little as 7 days because we buy houses in Oklahoma City with cash and don’t have to rely on traditional bank financing. (Go here to learn about our process <<)
No matter the condition of your house – your situation – or timeframe…
Our goal is to help make your life easier and to get out from under that property that’s
stressing you out… while still paying a fast, fair, and honest price for your house.
Or Give Us A Call Now At: 405-806-0005
We help property owners just like you, in all kinds of situations. From divorce, foreclosure, death of a family member, burdensome rental property, and all kinds of other situations. We buy houses in Oklahoma City and surrounding areas. Sometimes, those who own property simply have lives that are too busy to take the time to do all of things that typically need to be done to prepare a house to sell on the market… if that describes you, just let us know about the property you’d like to be rid of and sell your house fast in Oklahoma City for cash.
If you prefer to talk to someone in our office before submitting your property information just give us a call today at 405-806-0005
We buy houses in Oklahoma City and all surrounding areas in OK. If you need to sell your house fast in OK, connect with us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose 🙂