Home inspections are an essential part of the homebuying process. Evaluating the condition of the home and identifying problems in areas such as roofing, plumbing, or foundations will help prevent unwelcome surprises that might crop up after purchase. But have you ordered a professional environmental inspection?
What to do with a mortgage during a divorce
Divorce is stressful, and it can be easy to get overwhelmed, especially if you and your future ex-spouse bought a home and hold a mortgage together. Here are a few ways you can approach your mortgage during a divorce:
- Take your spouse off of your mortgage
- File a quitclaim deed
- Sell your home
Take your spouse off of the mortgage
To remove your spouse’s name from your mortgage and stay in your home, you would need to refinance your home loan in your name. However, doing so is not a legal agreement, as you and your spouse will still be responsible for repaying the loan.
You must also pass all the eligibility requirements like any other purchase or refinance. If you qualified for your mortgage under dual income, it may be more challenging under one. If your financial standing or credit is not strong enough to qualify for the loan you need, you may look into obtaining a co-signer, or making larger payments to end the mortgage sooner.
For you or your spouse to be completely exempt from loan repayment, a quitclaim deed must be filed, or the home sold.,
File a quitclaim deed
Along with taking your spouse’s name off the mortgage, you will need to take their name off the deed of your home. Removing their name can only be done once you’ve been approved for a refinance on your mortgage.
To take their name off the title, you will need to file a quitclaim deed. Once your spouse fills out the form, they will need to meet with you and your loan officer and sign the quitclaim. The loan officer will notarize the document and remove your spouse’s name from the deed and mortgage.
Sell the home
If neither you nor your spouse is interested in keeping the home, selling it would be the easiest way to remove yourself from the mortgage. The divorce agreement should cover the splitting of profits.