Join the MSBA for an all new complimentary webinar: Don’t Let This Happen in Divorce Settlement Agreements on Thursday, October 14th at 10 am!
The House Awarded with No provision for Refinancing: The 7 Excuses and How to Respond
When one party is awarded the house but the other party is liable for its debt, why would ANY agreement, decree, court, mediator or attorney EVER agree to let that debt go un-refinanced?
To do so means that, until that debt is paid off – often after decades – the obligor-party’s entire credit rating is subject to the ability and willingness of their ex-spouse to timely pay the debt. They aren’t really divorced…it doesn’t matter what the courthouse records say. They are as bound together as they ever were.
Remember that co-signers and co-borrowers are as obligated on a loan as much as the signer or borrower. There is no effective difference. You sign the note – you obligate yourself.
We’ll go over the excuses that clients and lawyers often give for not demanding that the property awardee also becomes the sole obligor…because that’s what they are – EXCUSES, NOT reasons. At least, not for reasonable reasons. And, I will help you overcome those excuses from opposing.
One (1) hour of CLE credit will be offered with the surrounding MCLE states and if you can’t attend the livestream program, it will be available on-demand on our MSBA CLE catalog.
MiMutual Mortgage is a seller servicer to Fannie Mae, Freddie Mac and Ginnie Mae.
Licensed by the Virginia State Corporation Commission. VA License #MC-5450. To see where MiMutual Mortgage is a licensed lender go to the Nationwide Mortgage Licensing System (NMLS) www.nmlsconsumer.org and search NMLS ID# 12901. Principal licensed office is 911 Military Street, Port Huron, MI 48060. The content in this advertisement is for informational purposes only. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy underwriting guidelines. Equal Housing Lender.