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Divorce & Refinancing in Las Vegas Real Estate

By LasVegasShortSales

Are you a divorced homeowner who is considering removing your former spouse’s name from the mortgage? A recent article in The New York Times offers some good advice for those recently divorced and considering refinancing. Avoiding an extra cost to the tune of 3 to 6 percent of the outstanding principal would be a good deal to anyone who has just bought out their ex’s equity stake in the home, and here is how you do it:

Simply ask your lender to remove your ex’s name, leaving the loan note in your name only. Now, not all lenders offer this service, but the ones who do generally don’t advertise it either. The saying “it never hurts to ask” definitely applies here. But before you get too excited, keep a couple of things in mind.

1. The lenders will run a credit check and expect you to meet some minium score.

2. If you owe more on the mortgage than the home is currently worth, you will be disqualified.

3. The lenders may require that any investors in the loan, after it is sold off, agree to the deal.

To sum things up, if the homeowner can prove that they can afford the payments and meet the required credit criteria, the release of liability might be granted. And remember, having a name removed can be good for both parties’ credit in that a lien can’t be placed on the home due to a former spouse’s failure to pay debt. In addition,  being delinquent on a mortgage payment will not affect the other person’s credit.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Whether buying a Las Vegas Home or renting, don’t try to go at it alone. There’s lot of resources online, and an email to a local real estate or mortgage pro can set you in the right direction.

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