Divorce Settlement Services

For those individuals going through a divorce, you will want to work with an experienced real estate team to handle this very important financial transaction.   Our team consists of the following licensed individuals:

 

·     Realtors experienced in Short Sale negotiations

·     Mortgage brokers who understand how to obtain the financing.

·     Licensed appraiser to offer a complimentary home valuation. 

 

 

Selling Your House

Should you decide that neither party wishes to keep the home, or you are unable to afford the home, selling the home is your best option. 

 

•      Establish Market Value. Figure out how much your home is worth based on past comparable sales.  We have a licensed appraiser in house who can provide an estimate of value.
•      Short Sale- We specialize in negotiating with all lenders including both first and second lien holders.  Both parties will need to fill out a hardship package.  Don't worry, banks consider divorce as one of the most acceptable hardship reasons to sell a home.  We will handle this very stressful and time consuming side of the sale with our in-house negotiators.
•      Prepare Your House For Sale. Clean, de-clutter, depersonalize and pack.  We can assist in showing you the littler tricks to maximizing your selling price. 
•      Use a Real Estate Agent. Consider experienced agents over friends or relatives with little or no experience, especially in handling a divorce situation.  Both side will want an impartial 3rd party agent.  
•      Interview an Agent. Although, depending on market conditions, you may easily sell the home yourself, it's always more difficult to do so during times of stress, and you might want to let a professional take over.  
•      Don't Advertise Your Dissolution. Protect your privacy while your home is on the market. If buyers know the reason for the sale, you might receive a lower offer.

 

 Refinancing Your House

 

Should you reach an agreement whereby one person will remain in possession of the home, then the prudent course of action is to remove the existing loan and replace it with a new loan, providing, of course, that you lack the capital to pay off the loan in cash. 

 

•       Record a New Deed. Ask your lawyer or escrow company to draw up a deed that transfers title from one person to the other. In California we use a quitclaim deed to accomplish this.  
•       Obtain a New Mortgage. The good news is banks will consider this type of refinance transaction to be the same as a purchase loan, as one spouse is buying out the other. 
•       Loan Modification- With banks doing everything to avoid foreclosures, we have experienced great success in modifying loan terms to allow one party the ability to keep the home and salvage both parties credit.
•       If you cannot qualify by yourself, you can either sell the property or obtain a co-signer such as asking a relative to help you qualify.
•       Should you owe your partner equity, ask your partner if he or she would be willing to let you obtain a large enough loan to pay off the existing loan and then carry a second mortgage for the amount owed. This way you can make payments to your partner for the equity, perhaps at a lower interest rate and better terms than a lender would give you.
•       Moreover, providing there is enough equity in the home to support a second mortgage -- preferably the amount of both loans do not exceed 80% of the home's market value -- your partner might be able to sell the mortgage at a discount to obtain the cash. 
•       Bear in mind that obtaining a new loan will require an appraisal to substantiate value, we will provide you with a complimentary home valuation from a licensed appraisal. 
•       A new mortgage will also require a new title policy. Although you will be insuring the lender and not yourself, this process will give you relative assurance that your partner has not further encumbered the property without your knowledge.

 

  

For legal advice, please consult a lawyer.