Understanding Mortgage Responsibility in South Carolina Divorce Cases Where Marital Home is Awarded
In a South Carolina divorce, if one spouse is awarded the marital home but both names are on the mortgage, both spouses will still be responsible for paying the mortgage until the loan is paid off or refinanced.
Even if the judge awards the home to one spouse, the mortgage lender is not bound by the divorce decree and can hold both parties responsible for the mortgage payments. If the spouse who is awarded the home fails to make the mortgage payments, the other spouse’s credit can be affected.
In order to remove one spouse’s obligation to pay the mortgage, the spouse who is awarded the home would need to refinance the mortgage solely in their name. This would involve applying for a new mortgage, and if approved, the new mortgage would pay off the old mortgage, effectively removing the other spouse from any obligation to pay the mortgage.
It’s important to note that refinancing a mortgage can be a complicated and time-consuming process, and both parties should work with a lawyer to ensure the process is handled correctly. I would also suggest a Certified Divorce mortgage professional.
A certified divorce mortgage professional can offer numerous benefits to South Carolina individuals going through a divorce. Some of these benefits include:
- Expertise in real estate and mortgage lending: A certified divorce mortgage professional has specialized knowledge of the real estate and mortgage lending industry. This knowledge can be critical in helping divorcing couples make informed decisions about their mortgage and real estate assets.
- Understanding of the divorce process: A certified divorce mortgage professional understands the complexities of divorce and the impact it can have on a couple’s finances. This understanding can help ensure that the mortgage and real estate assets are divided equitably and in accordance with the divorce settlement agreement.
- Ability to work with legal and financial professionals: A certified divorce mortgage professional can work with a divorcing couple’s legal and financial professionals to ensure that all aspects of the divorce settlement agreement are considered. This collaboration can help prevent oversights and ensure a smoother divorce process.
- Guidance on mortgage financing options: A certified divorce mortgage professional can provide guidance on mortgage financing options, such as refinancing, that can help one or both spouses maintain their homeownership status after the divorce.
- Assistance with mortgage underwriting and approval: A certified divorce mortgage professional can assist in preparing the necessary documentation and meeting the requirements for mortgage underwriting and approval. This can be especially important for individuals who may have had their credit affected by the divorce.
Overall, a certified divorce mortgage professional can be an invaluable resource for South Carolina individuals going through a divorce who have mortgage and real estate assets. They can help ensure that these assets are divided fairly and that both parties are able to move forward with a secure financial footing.
#SouthCarolinaDivorce ,#MaritalHome, #DivorceDecree, #RefinancingMortgage, #LegalAdvice, #CertifiedDivorceMortgageProfessional,#CreditImplications,