Applying for a loan after a divorce

It depends on the court's ruling regarding the mortgaged property. Sometimes the divorce decree orders the spouse that retains the property to be responsible for the payments and is given a set period of time to either sell or refinance to remove your name from the loan and title. If that is the case, then the new lender will count the mortgage payment against you until you can prove she has paid the last 12 payments on time. Whatever you do, DO NOT sign any documents that could be used to transfer the title out of your name, unless it is part of a transact to refinance the loan into one without your name. Once you no longer own the property, if she stops making payments on the loan the only thing you can do to avoid the foreclosure is make the payments. Since you don't own it, you can't sell it to pay off the mortgage. No matter how friendly the divorce may seem, this is the #1 worst mistake people make.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.

I'm not familiar with the laws in New York, But the big thing to understand is that until your are officially divorced, you are married. Most people don't want to hear it, but my best advice is not to buy anything until the divorce is over, and the dust settles - and to make 100% sure when the divorce is over that you no longer have any comingled debt. For example, if she is stay in the home, make her get a mortgage only in her name. I lend in MN WI IA ND SD. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132