01-24-2019, 09:59 AM
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Junior Member
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Join Date: Jan 2019
Posts: 2
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Quote:
Originally Posted by denbigh
You absolutely can go to a bank now and find out if you have a chance to get a mortgage. no they wont give you the actual loan until you have the separation agreement, but they will tell you if you are likley to qualify. You already know your income from work. You should have an idea of how much child support you would get. You should have an idea of how much spousal support you would get. No, maybe you dont have the exact number, but if you are being realistic and fair then you should have an idea. you should have a very good idea of the value of the assests, because they are always half of what you own.
you can even ask about different scenarios, if my income is A would i likely qualify? if my income is B would I likely qualify? Then you will know if you have any hope of keeping house, or needing to find someone to co-sign with you, or if not you will need to sell it.
What happened in my case, was I went to 2 different banks (where the mortgage was currenlty, and a new bank) and found out if I would likely qualify. I recieved some spousal support, in the form of a lump sum. It was not a cash lump sum, rather it came from my ex's portion of the house. A lump sum worked best becasue I wanted to keep the house, so it was easier to just roll it into the house rather than take a monthly payment for x number of years. Then once all of that was getting pretty close to finalized and agreed apon, I went and got the actual preapproval to lock in an interest rate as rates were rising. Then everything happened at once, signed the agreement, took out a new mortgage in my name on the house, equalizaiton done. the day I signed the agreement, i went to the bank with the agreement to start the mortgage.
In my case, the bank had initally told me that they would want to see, not just the separation agreement to indicate what child support I would get, but also about 3 months worth of actual payments to show that the ex did in fact pay it. In the end they didnt take that, and just used the separation agreement, but I also think they felt it was a low risk situaiton for it to not be paid.
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You wrote
"It was not a cash lump sum, rather it came from my ex's portion of the house. A lump sum worked best because I wanted to keep the house, so it was easier to just roll it into the house rather than take a monthly payment for x number of years."
What did you lawyer say to that? Were the lawyers screaming no, lets push for more etc etc
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...glad you got a chuckle out of it! Her argument of the kids should have the right to play in a clean back yard was compelling though!
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