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| Be Prepared for what a Divorce Could Mean for your Mortgage |
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If you're listening to Dolly Parton sing
about
d.i.v.o.r.c.e, you might always want to do
some due
diligence on your m.o.r.t.g.a.g.e. Divorce is
never an
easy situation, but you can make it a little
easier on
yourself if you get your finances in order
before you
proceed with any actions.
There is a lot to consider financially before
you get a
divorce. However, if you only remember one
thing from
this newsletter, remember this:
mortgage companies
do not recognize divorce decrees. That
means that if
you sign legal documents stating that you
are no
longer responsible for paying your mortgage
because
you ex-spouse lives there now, you are still
not off the
hook! If your ex-spouse defaults on the
mortgage, it is
your credit that will suffer, too. Take your
name off the
mortgage if you are no longer going to
contribute to it.
The same holds true for credit cards and
other debt in
both spouse's names.
However, before you take any steps toward
dividing up
your assets, know the following:
- Know which bank holds your
mortgage and what is owed on it. You
should understand what
portion of your payment goes to interest and
what
goes to principle.
- Think hard
about who
will keep the house. Get the other person off
the
mortgage.
- Don't walk away and
let the
house go into foreclosure. A judge will not
grant you
the divorce if you do.
- Be sure to
know how
much is in you and your spouse's 401 (k),
life
insurance, pension, etc.
- The
state of your
credit. (Pay special attention to joint
accounts. Like the
mortgage companies, credit card
companies don't
recognize divorce decrees.) Identify your
goal. If you
have kids, are you trying to keep them in the
family
home, same schools? Or do you just want
to sell the
house and split the difference?
- If you are
on good terms with each other, talk to a
financial
planner together.
- Talk to a
mortgage
brokerage to get the house
assessed.
- Talk to an
accountant.
Understand the tax ramifications of your
decision.
- Gather together the
last five
years of your joint tax returns.
- Put
together a list of your expenses, and
perhaps even run
a couple of scenarios - if you go back to
work, how
much will you have to pay in child care?
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| April's Home Value Improver |
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Regardless of whether you're going
through a
divorce or not, spring is the time when a lot
of homes
go on the market. Here is some advice to
help you
sell - at the price you want!
8
Steps to
Successful Home Staging
Ah, the simple days of yesteryear when you
would
clean the house, bake some cookies, and
plant an
open house sign out front. Sorry guys, those
days are
gone. With houses sitting on the market for
longer
than they have in a while, your house must
look like
just what the buyer wants. Fortunately, we
human
beings are fairly predictable creatures and
most of us
want a clean, open home that feels good to
be in.
- Staging starts before you open the
front door.
If you can't entice someone to walk into
your
front door, they'll never know how much time
and effort
you put into that front hallway. Think neat
and clean.
Get rid of dead plants. Keep plants and
shrubs cut
back, and it wouldn't hurt to add some color.
- Clutter is your enemy.
Avoid clutter at
all costs, as it makes a house seem
cramped and
unkempt. Even if a room is beautiful and
spacious,
clutter will ruin it.
- Arrange items in groups of
3.
Three is
pleasing to the eye. Don't believe me? Try
putting
three knick knacks in a group and then try
the same
with two or four.
- Remove all personal photos or
artwork.
Although experts say that it
makes a
house feel less like "home" to a prospective
buyer, I
find it gets the nosey juices flowing, and
buyers are
simply distracted.
- Look at furniture placement.
Make
sure furniture is arranged in such a way that
it feels
comfortable and spacious. Furniture shoved
in a
corner may open up some floor space, but it
can also
look crammed.
- Balance the room surfaces.
A room
should not be all hard surfaces, nor should it
be all
cushy furniture. For instance, if a room is all
hardwood
flooring, soften it up with a throw rug. On the
other
hand, if it is all carpet and couch, add a hard
coffee
table.
- Put out fruit and books.
Put
large
bowls of colorful fruit on the kitchen counter,
and
showcase some beautiful cookbooks. If you
have ever
been to the model home of a new
development, you
know this trick well.
- Showcase a room's best feature.
If
your fireplace is top notch, make sure that
shows. If
your woodwork is gorgeous, shine a light on
it.
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Are you have trouble making sense of the
housing industry news you're reading,
watching and hearing these days? You're
not alone.
Here are a few things to keep in mind as you
weed through the news:
1. Job News
Living in New England - and specifically in
Massachusetts - we have been somewhat
insulated from the huge layoffs we read
about and hear about on TV. We have a
solid base in Massachusetts, unlike
Michigan (that relies heavily on automakers)
and Florida (that has relied on construction
and real-estate development).
2. Suffering Industries
We have very little manufacturing in
Massachusetts and are more heavily based
in biotech, education, technology, research
and healthcare. These intellectual services
have fared better than construction and
manufacturing in this economy.
3. Foreclosures
The numbers being published regarding
foreclosures are trigged when the Soldiers
and Sailors Notice goes out to homeowners.
A Soldiers and Sailors Notice does not
mean a house will go to auction - it simply
means that foreclosure proceedings have
started. Usually the homeowner can work
something out with the bank.
If you have a specific question about
something you've heard or read lately, I'm
always happy to
do some research and get you the facts you
need!
Best regards,
Debbie Siegel
President
Westchester Mortgage
P.S. You're receiving this E-Newsletter because you have a prior relationship with me or with Westchester Mortgage. If I've sent this to you in error, or if you want to remove yourself from the list at any time, just click the "SafeUnsubscribe" link at the bottom of this e-mail.
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