Divorce, separation, and the home mortgage
Are you putting the house in your name only? Or are you being bought out or taken off the mortgage, loan, and deed?
The ABC's of transferring the house and mortgage in a divorce or separation:
A. We will walk you through the steps:
(Your house must be in Pennsylvania for us to help you.)
- Decide if using lawyer to handle steps 2 and 3
- Negotiate terms of separation
- Start drafting separation agreement
- The person keeping the house should contact us to go over the details and start the process at 866 577-PENN. We have a home divorce buyout calculation if needed.
- Mortgage application and *appraisal. It is here that we can help you determine the amount of equity in the house. This is a refinance.
- Sign separation agreement and fax or email a copy to us. Since we have already started the process you will be able to close in a week if you wish.
- Attend closing and sign new mortgage and deed. Other party receives buyout funds, if sharing equity.
- The house (deed), mortgage, and loan are all now in one parties name.
B. We will be able to explain the numbers to both parties, if needed, to determine net equity.
We are a neutral party and the appraiser is randomly selected by the bank's Appraisal Management Company (AMC) in accordance with Federal Law.
*Unlike banks, as a mortgage broker we have no contact with the appraiser and there is no concern for a lack of appraiser independence. The appraiser, lender, and loan officer all attest to this under penalty of felony.
C. We will have a closing agent come to each person, if needed, so there is privacy to sign the closing documents and receive your check if agreed to.
Funds may also be wired if you choose. Some parties choose to receive no funds. They simply want one name off the house. We have done many of these types of loans.
We hope we can add you to our list customers for life!
Open 7 days:
For new customers:
We are open Monday through Friday 10 am to 6 pm and Weekends 12 pm to 4 pm. Contact us
and we will reply promptly.
For Existing Applicants:
We are always available outside these hours through cell phone, text and email.
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