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What Happens To The Mortgage During Divorce

Have you wondered what happens to a mortgage loan during a divorce? Are you curious about which assets go to which spouse in a divorce? Well this video is just for you! In this video I go over what happens to the mortgage property when a divorce occurs and what can happen to your loans when you divorce. Stay tuned! CHAPTERS 0:00 INTRO 0:29 joint loan? In certain states you will usually have a joint loan with your spouse when you apply for a loan, which means you both have to pay off the loan in the given time. However if you are divorced and your ex-spouse does not pay the loan in the given time, both of your credit scores will drop because the loan is still jointly owned meaning that both you and your ex-spouse still have the responsibility to pay it off. 1:30 Refinance the loan under the owner of the loan’s name. I suggest that if you are curious on how to do this you can contact a local lender today to find out more, or you can contact me anytime through my website www.loanwithjen.com. 2:30 After viewing the divorce decree the lender will not include it in the debt ratio for the spouse, but it can still affect the partner if the spouse does not pay off the loan in a given time. 3:15 Some states are considered community property, which means that anything acquired during a marriage is split in halves to both spouses during a divorce. This means that if you are unofficially divorced then the spouse will have to sign the deed of trust when you apply for a mortgage even though you are not divorced yet. States like Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin are all under the community property states which means that this scenario can apply for you if it occurs. What happens to the mortgage during a divorce! My main goal is to help you understand how to obtain mortgage(s) to help grow your portfolio about the knowledge on mortgages! I encourage you to check out our playlists that feature various topics about homebuyer’s tips that will help you grow both on a homeowner level and on a consumer/producer level in the knowledge of home mortgage and insurance. If you are seeking or wanting more information on specific topics that follow mortgage rates and others, check out our specific playlists that follow up on topics like Down Payments, Interest Rates, and many more! Thank you for watching our videos and I will see you next time! Do you have any questions that you would like for us to answer? Feel free to drop a question down in the comments below on one of our videos, or you can contact me and my team anytime at www.loanwithjen.com Equal Housing Opportunity Lender NMLS #514497 #mortgage #mortgagetips #mortgageadvisor #LoanWithJen #Texas 👉TikTok: @loanwithjen 👉Instagram: @loanwithjen 👉Facebook:   / loanwithjen   💻 Documents Needed to Get Pre-Approved Texas: http://checklist.loanwithjen.com/ 💻 Loan With Jen | Do Business With Us!: http://apply.loanwithjen.com/ 💻 Visit My Website - Mortgage Lender Houston | Loan With Jen Education - https://www.loanwithjen.com/ 📌More Helpful Content: ▶️The Myths and Truths About Credit Inquiries:    • Will Inquiries Hurt My Credit Score - Myth...   ▶️Why You Should Use A Local Lender:    • Why You Should Use A Local Lender | #Loanw...   ▶️How to Buy A House With Low Income:    • 2020-How To Buy A Home With Low Income [Lo...   ▶️Using Rental Income To Qualify For A Mortgage:    • Using Rental Income to Qualify for A Mortg...   👍 Real Facts, No BS Jennifer Hughes Hernandez Legacy Mutual Mortgage Equal Housing Opportunity Lender NMLS #514497 Phone: 713-579-3611 [email protected] ============================== 📃 Documents Needed to Get Pre-Approved Texas: http://checklist.loanwithjen.com/ ============================== Improve Your Credit - Checklist https://50pointchallenge.com/scoreup-... ============================== Loan With Jen | Do Business With Us!: http://apply.loanwithjen.com/ Visit My Website - Mortgage Lender Houston | Loan With Jen Education -https://www.loanwithjen.com/ ============================ 📌 More Helpful Content: ▶ The Myths and Truths About Credit Inquiries:    • Will Inquiries Hurt My Credit Score - Myth...   ▶ Why You Should Use A Local Lender:    • Why You Should Use A Local Lender | #Loanw...   ▶ How to Buy A House With Low Income:    • 2020-How To Buy A Home With Low Income [Lo...   ▶ Using Rental Income To Qualify For A Mortgage:    • Using Rental Income to Qualify for A Mortg...   💻 *MyFICO.com provides the closest score to consumers that closely reflects what lenders see. To learn more about building your credit score visit: https://www.MyFICO.com Loan With Jen and affiliates and related parties do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.