You and your spouse have decided to get a divorce, but now you are concerned about how that decision will affect the home you own together in Florida. With both of your names on title documents, you are both legally responsible for continuing to make payments on the property. At Fried and Fried, P.A., we have helped many people to reach an amicable solution in the separation of assets during their divorce.
One of your biggest concerns may be the possibility of having to fund the mortgage on your home by yourself and not being able to afford the required payments. When this happens, your property may be foreclosed on leaving you with nothing. Understanding your options is critical to help you make a well-informed and confident decision about which direction to go. According to SFGATE, one of the most important things you should be aware of is how important the names on your title document are. Even if you and your spouse agree that you will no longer be responsible for making the payments, if your name remains on the title, creditors will demand the money from both you and your ex if payments are not made on time.
One of the most effective solutions you may consider if you are responsible for making payments, but are unsure of how you will afford them temporarily, is to consider getting a loan modification. This will allow you to work with your creditor to reassess your needs and work out an agreement that is beneficial for your circumstances. If you know that regardless of what modifications are made you still will not be able to make payments, it would be worthwhile to look into a short sale. This option, while still damaging to your credit, is not nearly as impactful as having to foreclose on your property.
Once you have familiarized yourself with your options for maintaining your mortgage payments during your divorce, you can make a decision that you feel good about. For more information about getting separated, visit our web page.
