When you go your separate ways

The following article written by Christopher Bisson (The Mortgage Centre) bisson.c@mortgagecentre.com 1.866.838.4366 x1003 was printed on November 29, 2012 in the K-W Review.

When you go your separate ways:  The stats show that more than 50 percent of people who get married will get separated.  One thing that strikes me is that it can happen to people who have been married for as little as six months or as long as 40 years.  One of the biggest hurdles for the people getting separated is what to do with the house, and whether or not the one that is leaving it can get approved for a mortgage to buy another house.

The biggest hurdled for most newly separated people to overcome is the lack of a separation agreement.  Most lenders want one done so that they know what expenses or income the person will pay or receive.

Take "Bill" for example.  Bill is a client of mine who has the 25 percent needed for the down payment, but no separation agreement.  His bank told him he couldn't get approved for a house until he gets the document drawn up, but he doesn't want to rent for a year while this gets done.

Lucky for Bill that a friend of his introduced me to him.  We've got two lenders that will give a mortgage without a signed separation agreement.  Bill's lawyer had to provide some information to us that gave the lender a good feeling about his ability to pay all his bills, and he moved into the house a month ago.

Bill is pretty happy because he has a house for his kids to come to, and a yard for them to play in.  He received a great rate on his mortgage and he can build up his equity over time instead of paying off someone else's mortgage.

If you know a guy or gal who's going through a separation then you should make sure they call a reputable and experience mortgage broker in the area.

I'd like to add to this article, so the following paragraph was written by me from my own personal experiences. 

It is also very comforting especially during such an emotional time in one's life to be able to lean on the professional services of an understanding Realtor.  I have been through a separation and understand how it feels to let go of not only a relationship, but a home that I loved.  So, I can empathize with buyers and sellers who are in this difficult situation.  I'll never forget how scary (and exciting) it was to go looking for a new home and make that decision without a mate.  It really helped me to have a listing agent who was aggressive enough to price my house to sell and a buyer's representative who was patient enough to help me figure what type of home I wanted.  If you or someone you know are facing this situation, you don't have to face it alone.  I would be happy to help.

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Julie D. Martin

Julie D. Martin

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CENTURY 21 Heritage House Ltd., Brokerage*
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