Family Mediation/Litigation Home Sale
Find a Resolution You Can Both Be Happy With!
A home is not just an address. For most of us, a home provides a place of refuge for relaxation, safety, and comfort filled with memories, hopes, and dreams.
Unfortunately for many, the road of life isn't a straight one - life is disrupted. The home is no longer a place of relaxation, refuge and comfort. When a marriage falls apart, emotions overtake reason as couples try to untangle their finances, routines, and their life together. The forced sale of the home can be both emotionally and financially draining to both parties.
Don't Risk a Bad Property Settlement Agreement
In family mediation or litigation, the house can be a dangerous asset
We offer a free house related document gathering service to divorcing couples and their attorneys. We'd be happy to schedule a free consultation regarding the following key issues
- Condition of the Property
Commonly Made House Mediation Mistakes
Mortgage pre-approval or pre-qualifications are both written documents that confirm that the potential borrower qualifies for the stated loan program.
If a divorcing homeowner attending free mortgage counseling does not receive a written document (either pre-approval or pre-qualificiation), that homeowner wouldn't qualify to refinance the marital mortgage.
A lien connected to a home can come as a result of unpaid medical bills, property taxes or even credit card debt. They can potentially prevent homeowners from refinancing their mortgage or selling the marital home unless outstanding liens or debts are paid.
In the case of a lien recorded again the house title, the total equity would be reduced by the amount of the debt, as the lien amount needs to be paid in order to refinance or sell.
If too many claims have been made again your home, the property may be deemed uninsurable. It's important to keep in mind that insurance coverage during a marriage doesn't always translate to continued coverage after a divorce.
Depending on how your credit score and claim's history compares to your spouses, you may find yourself paying more due to the house insurance rate you now quality for.
Simply put, the condition of your home can have a significant impact on its value.
House repairs can be extremely expensive. It's important for you to gain a full understanding of your home's current value, factoring in the costs of any needed repairs. Ensure you know exactly how much work needs to be done before agreeing to keep a property during mediation.
It's important to remember the difference between deed and debt. Changing the status of the deed does not remove your mortgage obligation. If a mortgage refinancing falls through, you will remain responsible as co-borrower of the mortgage.
It's essential that you gain a full understanding of the different forms of liability before finalizing a property division. Make sure you are fully informed before agreeing to anything.
Frequently Asked Questions (FAQ)
For your protection, it's highly recommended that you retain copies of all important house-related documents.
Not surprisingly, a house is a document-intensive legal and financial asset. These documents can have an affect on house equity, in addition to your ability to refinance or sell, as well as other things.
Home appraisals are certainly an extremely useful document, but they can exclude a number of key features that may:
- Lower your home's value
- Prevent resale
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