In a recent case, the parties were stalled at the point of the house financing which was to include a sizeable buyout to husband. It seemed that husband’s attorney was insisting that his client be paid (for his agreed interest in the marital residence) on date of final divorce. The attorney wrote [emphasis mine]: "We […]
Don't Make The Mistake of Assuming a Client Qualifies for Financing Based on Lots of Equity in the House A family law attorney gave me this idea. “Noel,” she says (allow me to paraphrase), “a lot of us assume that if there is a lot of equity in a house then financing is a slam […]
I devote a significant portion of my time being available to family law attorneys - to answer or find out answers to their questions about how divorce affects mortgage financing. Most questions I get have to do with the Owelty. And sometimes I answer the same question in a slightly different manner. Like today.... from […]
Follow Up Question About Financing Owelties I love and appreciate the feedback I get from each and every one of you. One follow up question an attorney asked pertained to the following paragraph in the previous blog (https://themortgageinstitute.com/2016/09/finance-an-owelty-buyout-before-final-divorce-is-it-possible/): Either party or the couple could finance a 2nd lien "Cash Out" loan and agree to deposit […]
The legendary – although MUCH TOO YOUNG to have achieved legendary status already – Lisa Marquis asked Can a spouse complete a refinance with an owelty lien prior to a divorce decree being signed by the judge? My response (edited for clarity and amended with a few little goodies): Not without triggering Texas Home Equity […]
Buyouts WITHOUT the Owelty…WHY? I just had a case wherein the grantor (the party who was the recipient of a buyout for her interest in the marital residence) argued that she did not agree to an Owelty lien. She was supported by the contention that others had financed a buyout without an Owelty. When the […]
The Lender’s Review of the Divorce Decree I end all of my *Assessment/Approvals (in bold red letters) with… URGENT and CRITICAL Please copy me on drafts of the decree before they are executed by the parties. I will pre-underwrite this draft to assure a smooth transaction. Pertinently, divorce decrees are universally underwritten as part of […]
The talented and wonderful Leslie Barrows (www.thebarrowsfirm.com) recently asked: How can someone increase their credit score? I have a lot of clients that say they can't refinance because of their credit score. [If you need to reach Leslie, call her at 817-481-1583 or email her at [email protected].] Good question….sounds like another blog in the making. […]
The Experts Don’t Know What To Do On Thursday, June 2, 2016, I happened to catch this on Fox & Friends morning show. In the “Property” segment, Brian Kilmeade read select questions to Bob Massi, “The Property Man” (frequent and regular contributor on Fox News). Here’s the letter and question to Massi: My divorce is […]
Courtney Harbaugh, the lovely and awesome Associate Attorney with Diane Wanger (www.familylawtex.com), asked this very insightful question. Check out their website. They are legendary in DFW Texas Family Law. “I know that you were working with [client] on his potential Owelty loan. I just wanted to know, for my own understanding, why one would do […]
