It used to be that when two people went through a divorce they would do everything they could to end up leaving the marriage with the home they shared in their possession. However, these days, it is far more common for a divorced couple to want to walk away from the home, as they are very often in over their heads when it comes to payments on their mortgage. After all, divorce is expensive for all those involved and a house payment tends to take a backseat when you are separating one life into two separate lives.
So what are your options where you home is concerned?
You may think that either you or your spouse has to take the house, but truthfully you have many options:
- You can keep the house and get a roommate to help split the bills.
- You can try to modify your loan.
- You can attempt to sell the home through a fast sales process.
- You can walk away and let the home be foreclosed on.
Whatever choice you make, you want to ensure that your credit will not be incredibly affected in a negative way. We would suggest seeking the advice of several professionals in order to come up with some idea of which option will be best for you. Try enlisting the help of a real estate agent, a lawyer and perhaps even loan officer at your bank. Keeping your options open will allow you to feel more in control and sure of yourself once you finally do come to a conclusion. If you do need the help of an expert lawyer, call Pavithran Law today. We can discuss your options with you and hopefully make your choice a little easier.