Roncone Law Offices, P.C.
Call Our Attorneys:
978-401-0825 | 877-261-4389
Menu Contact

Divorcing couples need to consider mortgage options

Couples who have decided to end their marriage may encounter many different issues that require negotiation: child support and custody, spousal support and division of assets. Many Massachusetts divorcing couples who own a family home together find a particular set of challenges in negotiating who will retain control of the property and then what options exist for that person regarding the mortgage, assuming he or she has decided to not sell the home. A mortgage expert provides valuable information for divorcing individuals in this position.

Some divorcing couples opt to retain the original joint mortgage. However, ex-spouses must fully trust each other for this option to work, as a payment default could lead to damaged credit for both parties. To avoid such a consequence, many people choose to refinance the mortgage in their name only.

Divorcing individuals may also consider the option of assuming the original mortgage, provided it carries a good rate and payment options and that it allows for a loan assumption. With this option, one person's name is removed from the loan, yet the other person does not have to refinance the existing loan, therefore retaining the favorable terms of the loan. Divorcing individuals who are considering pursuing this option should first check with their lender to ensure that their loan offers this feature. They can find this information by looking at their original promissory note. In order to make the best decision for one's particular circumstances, people are smart to fully examine the costs and time involved in assuming a loan versus refinancing.

Like all issues that must be discussed during this time, deciding what to do with the family home post-divorce can be stressful. Divorcing couples may feel overwhelmed as they not only consider how various options will affect their financial future, but also deal with the emotions that typically arise during such discussions. A Massachusetts family law attorney can be a valuable resource to help guide people through mortgage decisions and many other important issues during the divorce process.

No Comments

Leave a comment
Comment Information

What Clients and Peers Are Saying ...

"Please take my word for it, this is the attorney that you want on your side and certainly not the one that you want against you.”

John
Email Us For A Response

Contact Us For A Free Initial Phone Consultation

Tell us about the type of case you are faced with. We'll tell you how we can help. Call us at 877-261-4389 or send us an e-mail to speak with a Leominster and Worcester area personal injury attorney, family law, or criminal defense lawyer today.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Roncone Law Offices, P.C.

142 Main Street
Leominster, MA 01453

Toll Free: 877-261-4389
Phone: 978-401-0825
Fax: 978-840-6000
Map & Directions