Should You Refinance or Sell? BE REALISTIC!

By
Real Estate Mortgage Broker with Steve Thorne NC Mortgage Experts

hal goodtreeMaybe it's the economy, or maybe it's just a cycle... but we've talked to a TON of people lately who are contemplating divorce.

If you're going through this, you have major decisions infront of you - and one of the most important could involve your "assets."  One of my favorite Realtors says, "once that sign goes up in the yard, it's no longer a home... it's an ASSET."

We are not attorneys, but one of the best suggestions we have is to avoid a "Quick Deed" transfer of title if at all possible. (for more information on that click here). There are refiance programs available - to put the title of the property in one parties name, and this is, in our opinion, a better option. 

If you are planning to use child support or alimony to qualify for your refinance - it's going to be tricky.  It's risky for the Investor because there's typically no history of receiving the payments... (more details about transfering the title of the home here).  Many of the folks we are talking are refinancing into an FHA mortgage since our maximum loan amount in Wake County is $295,000 and the credit scores can be 600 or maybe even a bit lower - so it's less of a hassle.

The BEST advice we have is that when you are considering refinance or sell of this "asset" be realistic.  Be realistic about being able to make the new payments, if you are considering a refinance, and be REALISTIC about the ACTUAL VALUE of the "asset."  This is where we see folks with the MOST questions.  In today's market, it makes sense to work with a skilled real estate agent.  We work with some of the most talented agents in the area, and would be happy to refer you to an agent, and an appraiser (a formal apprasial will cost around $350 depending on the size of the property).

If you are considering a purchase in Raleigh or if you're refinancing a home in Cary, please call Steve and Eleanor Thorne, Mortgage Loan Originators 919-649-5058

 

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Location:
North Carolina Wake County Raleigh
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Rainer
71,135
Jim Fischetti
The Fischetti Group/Keller Williams

E.T.,

 

You know what a Realtor sees when someone says "divorce":

 

3 transactions ~wink~

 

sell the current property, each spouse buys a new one.

 

Jim

August 20, 2008 11:04 AM
Ambassador
221,943
Eleanor Thorne
Cary Mortgage Loans 919-649-5057
Steve Thorne NC Mortgage Experts

Often times, that's the best thing for the family.

August 20, 2008 11:22 AM
Rainer
151,389
Fred Chamberlin
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
Guild Mortgage Co - Oak Harbor WA

Great post Eleanor. I will probably have to steal part of it. I like the information you gave about the transfer of title. So many people listen to their attorney on real estate matters when they know less than the people do about credit.

August 20, 2008 04:07 PM
Rainmaker
142,381
Cristal Drake
Realtor - Fullerton Real Estate
Prudential California Realty

This is a great post.  So much to consider!  Jim, are you for real?  That is not very nice!

August 21, 2008 09:10 PM
Rainmaker
971,395
Sharon Alters
Your Fleming Island Relocation Agents.
Coldwell Banker Vanguard Realty

So what is wrong with a transfer of title? When you refinance, you add the closing costs to the debt on the house - am I missing something here? Thanks for helping me understand this, Eleanor. I always thought a Quit Claim Deed was a simpler thing to do. Of course, the issue of whether one person can afford the payment on their own is also important. Often, they get the house in their name and then lose it within a year or so.

August 24, 2008 03:33 PM
Anonymous
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Eleanor Thorne

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