Protecting Your Credit During Divorce

By
Mortgage and Lending with Mortgage Financial, Inc.

When a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldn't have to change is the credit status you've worked so hard to achieve. Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills and a breakdown in communication can lead to unwanted credit issues. These issues may affect your ability to refinance your current loan or purchase a new home. The good news is it doesn't have to be this way. By taking a proactive approach and creating a specific plan to maintain your credit status, you can ensure that "starting over" doesn't have to also mean rebuilding credit. The first step is to obtain a valid copy of your credit report. Once you've gathered the facts, it's time to make a plan: Can you purchase a new home now or will you have to wait until everything is finalized? Can you refinance the house to pay off your spouse and consolidate debt? These are some of the questions that a trained mortgage professional can assist you with. Divorce is difficult for everyone involved. By having professional advice, both legal and financial, you can ensure that your credit remains intact.

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