Divorce
Both foreclosures and divorce are regulated by state law.
The divorce process impacts everyone's finances differently, but it tends to impact homeowners most significantly.
Property settlements determine how a couple’s divorce will impact any shared property, including any real estate, like a marital home or a vacation home. Unfortunately, foreclosure during divorce is common. And because laws vary from state to state, how the process is handled depends on the state governing the situation. There are many SOLUTIONS to avoid a foreclosure sale during and after divorce.
WHAT WE DO?
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Determine Responsibility
Which spouse is responsible for the mortgage depends on how the property is divided (or not divided) during the divorce process, whose name is on the mortgage, the timing of the divorce petition, and (if this process has already begun) when a foreclosure was initiated.
Refinancing
If one spouse wants to be released from the debt, Stone Legal Solutions can assist with refinancing the foreclosing mortgage. This process will pay off the original mortgage and replaces it with a new mortgage that lists only the spouse who wants to keep the home.
Loan Modification
If one spouse can't afford the mortgage on their own, Stone Legal Solutions can negotiate a loan modification with the lender and lower the monthly payments.
Free Evaluation
We provide sound advice for your real estate needs based on our years of training, hard work, and passion, as well as familiarity with legislation and precedent. You’ll find all that you need and more at Stone Legal Solutions.