Most couples get qualified for a mortgage together. But if divorce happens, there is a need to decide about the marital home. There are two options before the divorcing couple. One partner can buy out the other. Here, he or she gets full ownership of the house. Yes, for this refinancing has to happen. And the partner has to qualify for an independent mortgage. But it is a challenging situation. Many a divorce real estate expert will advise against it. They would suggest the second option, which is to sell the house and pay off the mortgage. Then each of them divides the net proceeds equitably.

The latter is a better option, and many divorcing couples follow this too. But it is not as simple as it gets depicted. There is so much involved in a divorce. A certified real estate divorce expert would have experienced many unique cases. It also may happen that the divorcing couple gets inundated on their home. The couple may owe more to the property than its present worth. It occurs when the spouses face financial difficulties. Sometimes, one partner or both defaulted on paying the mortgage. Being behind in payment of dues, the possibility of a short sale of the home may increase. Here the expertise of the real estate agent acting as a go-between may help bring about an amicable foreclosure.

Yes, the decision of the mortgage varies from case to case. It is best left to the discretion of the experts like https://losangelesdivorcerealtor.com/ to help sort it out. It will thus save many a financial disasters.