Santaquin divorce lawyer hourly rate

Divorce Doesn't Have to Destroy Your Kids - Guidelines For Divorcing and Divorced Parents

utah divorce schedule

Go Back

When homeowners are facing a divorce, one of the most difficult decisions is determining what to do with the house. Because this decision can be highly emotional, important factors can be overlooked and the final decision could be a major financial mistake for both parties.

Couples under the duress of ending a relationship need to step back and look at the true financial value of the house before making a decision. Divorce is scary, so fighting to hold onto the house may provide a level of comfort. But this may be short-lived once a newly single person is weighed down by the high cost of the house. The better choice might be to sell the house, even if you owe more than it is worth. A divorce situation opens the door to getting out from under a financially upside-down house and a potential foreclosure.

Divorcing homeowners need to realize how the tremendous decline in housing values has affected the value of their house. Even if they have owned the house for as long as seven years, they still may owe more than the house is worth. With housing values continuing to decline, it may not be worth fighting to keep a house and ending up with an asset that is worth less than you owe. A better alternative may be a short sale of the house.

Divorcing homeowners can determine if they should sell the house by:

• Checking its market value. A simple way to get a "general" idea of the market value is to check the county's appraised value. This can be done by visiting the county's Appraisal District website. A more accurate way is to have a local realtor assess the value of the house.

• Checking the principal balance of the mortgage. Most mortgage companies provide the principal balance on the monthly statement, or you can call the mortgage company and ask for the "principal balance."

If the principal balance is higher than the market value, a short sale may be the answer. Most mortgage companies recognize a divorce as a justifiable reason for a short sale.

In a short sale, the proceeds from the sale amount to less than the balance owed. The bank or lender agrees to discount a loan balance due to an economic or financial hardship caused by the divorce. This negotiation is done through communication with a bank's loss mitigation or short sale department by a professional company.

For the homeowner, advantages include getting out from under an upside-down house, avoiding a foreclosure on their credit history, and partial control of the monetary deficiency.

Other considerations for divorcing homeowners include:

• Most lenders require a licensed real estate agent to list the house and conduct the short sale. The agent should be experienced at short sales.

• You should never pay anything for a short sale. The real estate company is paid by your lender after the sale.

• Beware of fraud. Make sure any company you work with is legitimate, with a business address and website. If all you have is an individual's cell phone number, this is not a good sign. Also, the company should never ask for payment.

• When deciding if you should keep the house, determine the total costs. The mortgage payment may be the largest cost, but there are also insurance, taxes, utilities, and yard care. Maintenance is a major consideration, because some big items need to be replaced every 10 to 15 years, such as a roof, air conditioning system, water heater, and kitchen appliances.

A divorce is one of the hardest and most emotionally draining events in your life, and following it with a foreclosure will only make things worse. As difficult as it may be, this is the time to look past emotional bonds to the house and focus on the numbers.

Go Forward

Family Law Attorneys are standing by call 1-800-564-2707

For more information click on these words here.

Home

Santaquin divorce lawyers near me

Should You Get a Divorce Lawyer?

utah mandatory divorce class

Go Back

A divorce is always a hard decision to make whether the husband and wife were together for only a short time or for long years. Not only does it involve emotional distress but division of conjugal properties as well.

When couples decide on who should get this or that conjugal property which they acquired as husband and wife, legal documents known as deed are necessary. These documents are crucial to legally transfer a certain property from one person to another. One vital form is called the quit claim deed.

A quit claim deed is referred to as such because it quits or ceases a person's claim or interest on a real estate property and passes it to another person. There is no guarantee, though, when it concerns the rights of the person receiving the property.

Divorce situations

A divorce is just one of several situations where a quit claim deed proves necessary. An example would be a husband foregoing interest in the property that his wife owns. In this situation, the husband who quits claim on the property is referred to as the grantor while the wife who owns the property is called the grantee. Whatever risks involved here especially since there's no warranty on the title will be taken care of by the wife.

A quit claim deed is also needed if a married person who solely owns a property, which he or she bought prior to getting married, sells the property concerned to a third party. Executing a quit claim deed, in this instance, serves to ensure that the other spouse no longer has any interest to reclaim the property later on. With the absence of this deed, it is possible that the spouse could come back to claim ownership of the property.

In another divorce case, one spouse say, the wife, may want to stay in the conjugal home. The wife then needs to ask for a quit claim deed from her husband so she could claim sole interest in the residential property.

Names and mortgage

A quit claim deed should show the legal names of the parties involved in the transaction. In the case of divorced couples, the deed should bear the husband and wife's legal names or the same names that appear in their divorce decree. However, should both spouses wish to live in separate homes and would like to retain ownership of their conjugal property, this document will not be necessary.

As for mortgage concerns, a quit claim deed does not release the person quitting claim from his mortgage obligations. However, to remove the person who quits claim from the mortgage, the mortgage has to be refinanced through the name of the grantee or the person to whom the interest has been transferred.

In a divorce, a spouse can only claim ownership of the property and mortgage by refinancing the mortgage after the home has been conveyed to him or her. It is important to note, though, that many lenders will only allow a divorced individual to refinance a property if he or she has been on title to the said property for at least one year.

Go Forward

Family Law Attorneys are standing by call 1-800-564-2707

For more information click on these words here.

Home