I find it important to develop a solid network of professionals who can support my divorcing clients. There are such a wide variety of issues that arise during the course of a divorce. One that frequently arises is refinancing the primary residence to remove one parties' name from the loan. I recently sat down with Amy Terrell, a Senior Loan Officer and Certified Divorce Lending Specialist with US Lending Corp. During our conversation, I realized there are some important issues that I wanted to make sure people are aware of when it comes to divorce and your mortgage. She was nice enough complete a brief interview over email to share the information.
Some of the biggest mistakes people make are:
People can contact me at any time during the divorce process. It may be advantageous to contact me earlier. This way, I can see what I am working with. If there is a credit issue, we can work together to improve what is necessary. This way, when we need to proceed with the refinance or purchase, the client will be ready. This will help if there is a specific time that the refinance or purchase needs to be finished.
I have been in the mortgage business for 8 years.
I work well with people and have a great deal of knowledge and experience in the industry. As a Certified Divorce Lending Professional, I took classes to become knowledgeable in Divorce Lending. I take those practices and use them while working with people going through divorces. In addition, I make myself available to my clients any time. Clients can always reach me on my cell phone. I am focused on making clients comfortable with a streamlined process and always closing on time.
Yes, people are able to be approved for a home loan if their only income is spousal support. First, they must have 6 months of documented payments. Once they have that documentation, they can apply. The support must be court-ordered to go on for a minimum of 3 additional years after the initial 6-month period.
Things that I wish people knew ahead of time include:
Amy is a wonderful resource for questions about divorce and your mortgage. You can contact her directly with any mortgage-related questions. Her contact information is as follows:
US Lending Corporation
216-313-9017 Direct Line
Our goal is to help people who are going through the divorce process make wise financial decisions. Sometimes that includes connecting them with the right resources. If we can be of assistance, please do not hesitate to contact us.