Divorce and Foreclosure Questions

 

Divorce and Foreclosure Questions For Investors

What do you need to know about divorce and foreclosure? Divorce and foreclosure concerns both the parties in the divorce. In a Divorce, one spouse (known as the Plaintiff) can file for divorce and request that their prior marriage is nullified and their name be removed from the marriage records. On the other hand, the Husband (or "Plaintiff") can ask that his name be removed from the marriage records and that the plaintiff spouse not be able to obtain a promotion or loan with their title.

Foreclosures are situations where homeowners who were unable to pay for their mortgages suddenly lose their homes. The initial sale of the property is done under "prevention of foreclosure" and all capital gains tax and insurance are paid by the selling party. However, the homeowner still has to pay the mortgage, maintenance, and insurance on the property. The court will issue an order to the lender to sell the home. Once the sale of the property is completed, the homeowner becomes the actual owner of the house.

When the divorce or the foreclosure occurs, there are some important issues that must be addressed. For example, there could be a substantial amount of difference between the original mortgage payments and the current value of the property. This is known as "capital gain". There may also be a difference in appreciation between the value of the home and the sales price of the home. These are known as "equity differences".

There are some important considerations for one of the parties when dividing up their marital property and it involves separating their financial assets. During the Divorce and foreclosure process, the spouses are usually assigned joint-tenant status. This means that they both have equal rights to their marital property and financial assets. In some cases, each spouse can have their own separate property.

The divorce and foreclosure team at Loan sharks are able to assist you and your spouse with this information. In order to divide up the marital assets, a "mediated" divorce and foreclosure proceeding must be followed. This is done by having a third party mediate the divorce and the foreclosure proceedings. The divorce and foreclosure questions and the mediation are then settled on an "as-is" basis. Therefore, it is important to remember that the entire settlement amount will not be evenly divided and a real estate investor would not be interested in buying either spouse's home.

Divorce and foreclosure questions often pertain to the possibility of splitting the marital home and real estate between both spouses. If you are separating legally (solely) from your spouse, this is a critical aspect of your divorce and you must have legal counsel to make sure that the separation is properly recorded in the court system. Many investors want to purchase your marital property and house but there are some risks when you do so. The main risks include:

Your best bet would be to hire a divorce and foreclosure lawyer to make sure your divorce is legal separation and not a "re-marriage." Your best bet when selling a real estate house is to hire a realtor that is experienced with these types of negotiations. There is no reason why you can't find a great realtor on your own; you may have to shop around to find one though. When you are ready to sell your home, the last thing you need to worry about is whether or not your realtor can help you sell your house and real estate. Divorce and foreclosure questions should not be left out of your questions list when looking for a good realtor.