Divorce and Home Ownership

Divorce is an emotional time, no matter who initiated the split or even if the decision was mutual. During a divorce process, you’ll likely have questions concerning what happens to your home, your current mortgage, and even your credit rating. At Chesapeake Residential Realty, we are here to help educate you on all available options so you can take the proper steps in purchasing your next home. We will guide you through this process one step at a time, discuss your financial goals, and tackle the inevitable concerns and questions that will arise. We can provide a free consultation and give you the answers you need to make the best financial decision. Here are a few of the frequently asked questions:

What happens to my current home?

If you and your spouse own a home, there are two main routes you can take to reach a solution. You can sell the home and split the proceeds, or one person can “buy out” the other by refinancing the mortgage. Sitting down and discussing these options will help you get on the same page and minimize friction.

How does a divorce impact my credit score? 

Unfortunately for many, divorce is a time of great financial hardship and credit challenges. Because you are responsible for the mortgage until it is paid in full or refinanced, it is imperative that you remain current on the monthly payments. We can discuss further whether refinancing or selling is a better option for your situation and come up with a plan for accomplishing your goals.

Can I buy a new home if I’m still listed on the previous mortgage?

Yes, but in Maryland, you need to be legally separated to purchase another home. In situations involving child support and alimony, the payments must be received for three continuous years before you can use it as qualifying income. We will connect you to an experienced lender who can give you the best advice for your unique situation.

Why work with Us?

We’ve navigated this process alongside many of our clients who have struggled with the same financial questions and stresses you are experiencing. We know that being properly educated on the intricacies of this process and being aware of your available options is the best way to minimize unnecessary confusion and stress. Finally, we understand the emotional impact a situation like this has on someone and that you need an advocate, not a salesperson. 

You have options regarding home ownership, and we want to earn your trust. To learn more about how we can help, call us at 410-280-5029 or email me at [email protected] 

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We go above and beyond to talk with you about your wants, needs, fears and whys. We will work tirelessly and share our innermost knowledge of the market and help you achieve all the goals you have set. We firmly believe that if you are not left with an amazing experience, we haven't done our job.

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