CHRIS SMITH
Branch Manager | NMLS# 470511
(O) 260-201-1266 | (C) 260-710-2862
[email protected]
Hiring a Divorce Mortgage Professional
In a divorce, the marital home is often the largest asset. In our experience, it can also be a large item of contention. This is often due to the emotional attachment one or both parties may have to the house.
So, whether you’re planning on selling the home and splitting the proceeds or one party plans to keep the home and buy the other party out, it’s important to enlist the help of a divorce mortgage professional as early as possible.
What Is a Divorce Mortgage Professional?
A Certified Divorce Lending Professional brings a wealth of knowledge to the table. They have financial knowledge, expertise, and a full understanding of how divorce and family law, IRS tax rules, and financing strategies relate to real estate and divorce.
A Certified Divorce Lending Professional…
• is aware of specific mortgage guidelines and how they pertain to divorcing clients.
• is trained to recognize both potential legal and tax implications in regard to mortgage financing during divorce.
• can guide you to avoid any potential capital gains concerns regarding real estate.
• can help implement a strategic divorce settlement agreement to ensure the best opportunities to secure mortgage • financing after your divorce.
• will recommend financing strategies to help divorcing clients identify mortgage financing options for maintaining the current marital home while also helping to ensure future financing for the departing spouse.
• is qualified to collaborate with other divorce professionals.
• remains dedicated to education and staying up to date on industry guidelines and tax rules.
• is committed to providing a high level of service to divorcing clients and other divorce professionals.
Certified Divorce Lending Professionals should be involved as early as possible.
Specifically, they should be brought in to consult on any divorce that includes a marital home, preferably during the mediation phase before the marital settlement agreement is final.
According to the Divorce Lending Association, “Ideally, both parties will agree on the appropriate disposition of the marital home. The need for mediation support utilizing a skilled CDLP™ is important to ensure that the negotiated agreement can actually be executed as in refinancing the current mortgage obligation for an equity-buyout or selling the marital home and each party purchases a new home independently. Actually coming to the agreement of how to handle the marital home may be the easy part and executing the agreement may require a deeper look into the details.”
