Divorce and Your Mortgage in Las Vegas

Understanding Mortgage Implications During Divorce

Your mortgage is one of the most important financial considerations during divorce. How it's handled affects your credit, financial obligations, and ability to move forward. Dr. Jan Duffy helps you understand your mortgage options and navigate the complexities of mortgage handling during divorce.

The Credit Protection Issue

Both spouses remain legally responsible for the mortgage until it's paid off or refinanced, regardless of who's making payments or what your divorce decree says. This means both credit scores are affected by payment history, and both are at risk if payments are missed.

Mortgage Options During Divorce

You have several options for handling your mortgage during divorce, each with different implications. Understanding these options helps you make informed decisions.

Option 1: Refinance to Remove Spouse

Refinancing removes one spouse from the mortgage, protecting both parties' credit. This requires the remaining spouse to qualify for a new mortgage based on their income alone.

Option 2: Sell and Pay Off Mortgage

Selling the home pays off the mortgage, eliminating the obligation for both parties. This provides a clean break and protects both credit scores.

Option 3: Continue Joint Mortgage

Continuing with a joint mortgage is risky because both parties remain responsible, and both credit scores are affected by payment history. This option should be temporary and include clear agreements about payments and eventual resolution.

Protecting Your Credit

Protecting your credit during divorce is essential for your financial future. Dr. Jan Duffy helps you understand how mortgage handling affects your credit and ensures actions are taken to protect it.

Get Mortgage Guidance Today

Understanding your mortgage options is essential for protecting your credit and financial future. Schedule a consultation with Dr. Jan Duffy today and learn how she can help you navigate mortgage handling during divorce.