Home Loan HELP If Divorced
If you’re divorced or separated from your partner, chances are you need home loan help if divorced. You may find that the financial situation is going to change massively when it comes to paying your home loan. The income that was once there for two people to pay the mortgage now goes, and urgent financial assistance may be required.
Divorce and Your Home Loan
You may also wonder if you are able to keep your home, or need to sell it. You could also be thinking if you could transfer it into someone else’s name as a new co owner, or sell it. Many people want to find a way to keep their home if they are going through a divorce.
Restructuring your home loan if divorced or separated
After being divorced you may need to consider whether your bank, lender or professional mortgage broker may need to review your affairs and restructure your home loan.
For example your mortgage repayments every week, fortnight or month might just be too much to pay on one income. Alternatively, you might need to arrange money to ‘buy out’ or ‘pay out’ the other owner of the home.
Example 1: Anthony owns a house. Whilst his ex-partner Jane did not own the house, she used to help pay the bills. Their repayments were $600 a week. Because they had now separated, and decided that for now, Anthony keeps the house, Anthony may find it difficult to pay the bills by himself. Anthony may need help to restructure his mortgage.
Example 2: Carl and Sarah had a mortgage they paid together. Following the separation, Carl wanted to keep living in the house. However Sarah wanted to be paid out for her share. Therefore to keep the house; Carl needs to restructure and find money to pay out or buy out Sarah’s share.
It is important to take these matters seriously. If you do not act on time, your mortgage could become overdue, and you could risk the house being taken to mortgagee sale.
Professional home loan help for recently separated or divorced
Contact us to be put in touch with an adviser who can assist you if you have recently gone through separation or divorce, and require an urgent refinance or restructure of your home loan.
Here is a list ways that you may be able to be helped:
- Money to pay out the other owner of the house
- Money to repay caveats on the house, including urgent refinance
- Financial help to settle legal affairs and pay lawyer bills
- Consolidating debts or paying off other debts
- Bad credit or urgent refinances
- Restructuring the mortgage with a new provider or lender to make it more affordable
You may be able to get a home loan or restructure even if you have been turned away by your bank in the past.
It is not uncommon to see that people lodge a caveat as a result of a relationship property claim as well.
Sorted has some useful information about managing your finances after separating.
Genuine help for New Zealanders
Get in touch for genuine and professional help. The sooner you act, likely the easier it is to resolve the circumstances. It’s important to act before your mortgage or home loan falls into bigger arrears or problems. If matters get worse, it can be more challenging. That being said, try to make contact as soon as possible. Also get legal advice from a suitably qualified professional. Mortgage Rescue does not provide legal advice.