Divorce and a Mortgage on the House

Divorce and a Mortgage on the House

A mortgage on the house is an important financial investment. The mortgage payments and renovations are not covered by homeowners insurance. In case of a divorce, the departing spouse will not be liable for the payment of the mortgage. This article explains the differences between the two ways of selling a mortgage. Read on for more tips. Posted in Mortgage on the House

Indemnification of departing spouse from liability for payment of mortgage on the house

Many divorce decrees include an indemnification clause. While this does not offer much protection, it allows you to take your ex back to court if he or she falls behind on payments. It also allows you to make payments to salvage your credit. It is important to understand that an indemnity clause does not bind the mortgage company. If you and your ex have already divorced, the mortgage company may not agree to the indemnity clause.

However, indemnification is different from damages. In the recent case of Jason Stubbs v. Julianne Stubbs, the Tenth Court of Appeals addressed this issue. In that case, the husband had awarded the wife business entities and liability 주택담보대출 for those entities. The husband later sued Julianne for credit given to the business entity. Julianne hired a debt defense attorney. Eventually, her husband was sued for credit given to the business entity. As a result, she filed a lawsuit against him to enforce her indemnification clause in the divorce decree.

Homeowners insurance does not cover the land

Most homeowners insurance policies cover your possessions but don’t cover the land when you’re mortgaged on it. You can remove coverage for the land if you’d prefer. But if you’re unsure if you should keep land coverage, you should consider getting separate coverage for it. In case of a disaster, your insurance policy will cover your possessions, not the land.

Refinancing a mortgage

If you’re a homeowner and are thinking of refinancing your mortgage, there are several reasons you should consider doing so. One of the most important benefits of refinancing is the lower interest rate. A lower interest rate can make a tremendous difference in your monthly payments. A lower interest rate can save you hundreds of dollars each year. And if you’re making more than you were paying on your mortgage, refinancing might be the best option for you.

Refinancing your mortgage can lower your interest rate, reduce your monthly payment, or even make your loan term shorter. It can also be a great way to consolidate debt, move to a fixed-rate mortgage, and eliminate private mortgage insurance. Although refinancing a mortgage is not as complicated as buying a new house, there are several steps that you must follow. For instance, you need to determine how much money you’d like to get in cash.