Getting Divorced? Here’s what to know about your mortgage!

Getting Divorced Here's what to know about your mortgageGetting divorced and looking into options for your home?  One of the biggest items divorcing couples have to discuss is their home. In most divorce cases, couples have to decide whether  to refinance the mortgage or sell the home. Whether you are using attorneys to settle your divorce, or you are working through it together, knowing your options for your home & mortgage, is helpful to come to mutual agreements and plan for the divorce and your future.


When it comes to divorce and your home, the best solutions are to either refinance the mortgage to the individual keeping the home, or sell the home and divide proceeds.  When a divorce occurs, regardless of what the divorce decree states, both partners remain legally responsible for paying the current mortgage if both names are on it.  If both are on title jointly, both have ownership of the property.  A new deed will need to be recorded to the person keeping the house.  It is best to have a resolution clarified in your divorce decree.  The divorce decree will direct lenders how to allocate the proceeds from sale or refinance.  With a refinance, a new deed with the retaining parties name “as a single person” will get recorded.


Refinancing the loan and recording a new deed removes the ex-spouse from title and any ownership rights to the property.  This also ensures that the party removed is not responsible for the new loan. Your second option is to sell the home and divide the proceeds based on your divorce agreement.


Divorce seperating items

JZ Mortgage Services can help you determine your loan options and you can get fully pre-approved for a refinance or new home purchase.  Whether you’re searching for your new dream home or looking to refinance your home into your name, contact us today to find out your best loan options.JZ Mortgage Services, Inc provides excellent loan options to borrowers throughout Bradenton, Sarasota, Tampa, St. Petersburg, Clearwater and all of Florida and Ohio.


JZ Mortgage Services, Inc are not attorneys or legal advisors.  Please contact an attorney for any and all legal advice.

JZ Mortgage Services, Inc.

James Zielinski NMLS # 972677

Equal Housing Lender   EHO 50

JZ Mortgage Services, Inc.

7815 2nd Ave NW
Bradenton, FL 34209