How to cover your hide with the deadlines of divorce

9.01.2011. by Audra McMahon

Is your home currently for sale? Your home has to be off of the market a minimum 1 to 31 days prior to refinancing the existing mortgage. Note, I have one of nine investors that allows the home to be off of the market one day prior to applying for a refinance. All of the others require one month prior to the first date of application.

Is your divorce in the works but not final? You can obtain any mortgage financing at any stage of your divorce. The paperwork necessary will be determined by the stage that you're in. Before filing you'll need your spouse to sign a quit claim deed (QCD) to refinance, but they need to do nothing to purchase in KS, yet a QCD to purchase in MO.

Have you filed, but not finalized divorce? You'll need to provide a copy of the separation agreement and any other paperwork pending. Be sure to have a QCD signed at finalization of divorce in KS, QCD to purchase in MO.

Is it over? You'll provide a copy of the signed divorce decree and other paperwork (child support, separate maintenance, alimony) to obtain a new mortgage.

Removing one spouse to retain the home? If you choose to retain the home, the only way to remove a person from an existing loan is to close that loan and begin a new loan. The QCD removes a person from ownership of the home, but not the loan.

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