Divorce refinance allows homeowners to refinance their existing mortgage by taking out another mortgage because of a divorce. Therefore removing their ex-spouse from the mortgage and using the refinance to keep your home after a divorce.
MORTGAGE-WORLD.com is your divorce refinance experts with over 20 years of experience originating loans. Since 2008 we have specialized in loans for borrowers with less than perfect credit.
Qualifying for a refinance before or after a divorce:
Many divorcing homeowners believe that they can have a former spouse’s name taken off the mortgage if the divorce decree awards the family home to one spouse. But a divorce decree does not nullify your mortgage contract. To remove a former spouse from the mortgage and/or deed you might need to refinance the mortgage with the spouse who will keep the home.
Many times in a divorce you may have to refinance because of a consent order or as part of your marital settlement agreement. As a result one party of the divorce will need to refinance. If you want to keep the house and refinance the mortgage you will need to have a minimum credit score of 500 to qualify for a refinance.
Divorce Refinance – Everything You Need To Know
The “Four C’s of Credit” (Credit history, Capacity to repay, Cash to close, and the Collateral). You may not need equity in your property or good credit! There are programs available that do not require equity or good credit to refinance. You will have to qualify using your income and be able to show that you can afford the new payment.
To begin the process of refinancing apply online or call us.
Call US 888.958.4228