Getting a Divorce: What Will Happen to Your Mortgage?

Getting a Divorce: What Will Happen to Your Mortgage?

Divorce is painful and frustrating. With so many things already going on in your life, the last thing you would want to worry about is a mortgage. Detroit Cash For Homes has guided numerous couples dealing with the process of divorce by finding the perfect solution for their house facing foreclosure issues. 

Since many people have no idea how to deal with a house or the mortgage after divorce, we are here to enlighten you with wisdom. Figuring out the mortgage involves determining the division of the equity and deciding whether to sell it for cash or not. Besides this, you may need to deal with some liabilities regarding the home. 

If you are currently going through a divorce, the ideal solution to deal with your mortgage is to sell your Berkley home fast. Below, we have answered some of the most commonly asked mortgage questions. 

  • What are the responsibilities regarding mortgage after divorce?

Usually, no one likes to take up the responsibilities for the mortgage after divorce. Perhaps, this is one of the most asked questions by people in the divorce process or planning to divorce. In many cases, one partner buys the house, carries out the mortgage assumptions, and pays the other spouse their share of the equity. 

  • Who will be responsible for paying the mortgage? 

If you and your spouse hold the mortgage jointly, then legally, both are responsible for taking care of the mortgage. For example, if you are behind your mortgage, you and your partner will be liable for legal notice by the lender. Most couples determine during the divorce as to who will pay the mortgage. Also, in some cases, couples decide to make agreements to transfer the property to one person. The person signing over the ownership agreement will not have any right to the property. But doing so will not take away their rights of paying the mortgage after divorce. 

  • Is it possible for the mortgage value to be higher than the value of the home?

Yes, it is. There have been cases where couples did not make any profit by selling their homes. It is because the home’s value is lower than the mortgage value. 

  • Sell home as-is 

The best way to deal with a mortgage after divorce is by selling your home to a provider that offers cash for homes in Berkley. All the above-given alternatives are time-consuming and daunting. Therefore, it is advisable to sell to real estate investors like Detroit Cash For Homes and focus on your divorce process and relocation. Our real estate professionals will handle everything, from repairs and renovations to documentation and other essential tasks. 

In addition to this, you will be able to sell your house fast and hassle-free because we buy houses for cash in Berkley as-is. No improvements, listing, showing, and staging. Did we mention you can avoid commissions, closing costs, and other expenses by selling your home to us? 

If you are going through a divorce and want to sell your house facing mortgage issues, get in touch with Detroit Cash For Homes. We buy houses in Berkley in any condition, like a house in mortgage, property facing foreclosure, a hoarder’s house, and many more.