How will my divorce affect my mortgage?

How will my divorce affect my mortgage?

If you have recently finalized your divorce and are wonder how you will manage your mortgage now that you can a single-income household, continue reading to discover the top tips to get back on your feet and make affording your mortgage a reality. If you have any questions regarding your post-divorce journey, do not hesitate to reach out to our experienced divorce lawyer who can walk you through the process. We would be happy to help. Schedule an initial consultation with our firm today.

Utilize Professional Help

Seeking professional help is one of the best routes to take when it comes to your finances. Utilize professional guidance for issues such as mortgage refinance rates and being bought out of your home. A professional will also help you to maintain good standing credit during this process. They will ensure you are removed from joint accounts with your former spouse as well as ensuring accounts are dissolved when possible to protect your credit.

Adjust Your Numbers Accordingly

When pursuing a new mortgage, it is essential to reevaluate your budget. You may have a new mortgage post-divorce, but this also comes hand in hand with a new financial situation and new numbers to crunch. This adjustment will take time. It is also important to understand that your new sources of income such as alimony and child support will have an effect on your allowance and approval.

Re-Examine Your Habits

Entering this new stage in your life will require you to re-examine your habits and lifestyle choices. This will include re-evaluating your spending and saving habits. One of the first ways you can do this is to find ways to consolidate your debt. This may require decisions regarding your home and if you wish to begin the house-hunting process. This may require help adjusting your habits and lifestyle to mirror your new financial situation by reaching out to a professional.

Collect all of Your Official Documents

One of the most important steps in this process is to have all of your official documents available. The number one documentation you will need to secure a new and revised mortgage is having a divorce decree to present.  A divorce decree allows you to move forward in this new chapter in life without any risk of being tied to your former spouse. The divorce decree is also necessary for changing other important documents such as your Social Security and ID.

CONTACT OUR EXPERIENCED NEW YORK FIRM

Barrows Levy PLLC is a highly experienced New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, we are ready to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today. 

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