When you’re going through a major life change like a divorce or separation, it’s important to seek advice and consider your options on any joint lending. If you and your spouse are both on the deed, there are alternatives to selling your home or property.
If you’re amid the process of separation, a joint mortgage can be transferred to a single person by buying the other out of the mortgage. In some cases, lenders may even help consolidate debts to assist with affordability. A spousal buyout can help a family avoid any further disruptions and excess stress that come with having to sell a home.
When one owner buys the other’s share of home equity, the co-owner is released from the mortgage contract, and they are removed from the deed. This way, the family may maintain some stability during the separation.
If you’re in the midst of a difficult time for you and your family, give our team a call or send us a message. One of our team members would be happy to help you get back, financially independent.