Communication in a Divorce
The task during the communication phase is to allow all parties an opportunity to explain their positions. The result in this stage is that the parties can air their perspectives and feel confident they are being heard.
Mortgage Communication in Divorce
When the marital home or other real property becomes the topic of mediation, communication between the parties can become quite frustrating. For example, perhaps one party wishes to retain the marital home but won’t qualify for an equity buy-out refinance, leaving the vacating spouse feeling they won’t be able to purchase a new home while still on the note to the marital home.
Or maybe the vacating spouse feels frustrated because the spouse retaining the marital home won’t be able to pay the vacating spouse their equity share and is demanding the house be sold, and the proceeds will be split between the two.
Negotiation in a Divorce
The task at this stage is to begin the bargaining and identify options available. The result we are trying to achieve is flexibility and innovation. This stage shows us to close the gap in the negotiation and ultimately come to a solution that may work for both parties.
Divorce Mortgage Planning with the help of a CDLP can help identify possible solutions and assist both parties to let go of counterproductive positions and emotions while taking stock of possibilities, resources, and solutions.
A CDLP can help identify sources of qualified income that may help the retaining spouse either qualify for an equity buy-out refinance now or at least develop a mutually acceptable plan to obtain mortgage financing in the future; hopefully sooner rather than later.
A CDLP can help identify opportunities and solutions for the vacating spouse to purchase a new home while still on the note to the marital home. For example, making sure there is a court-ordered assignment of debt and sufficient verbiage in the marital settlement agreement or Memorandum of Understanding omitting the existing debt from their debt load on the new purchase mortgage.
Successful divorce mediation results from effective communication and strategic negotiations in such a manner that both divorcing parties come out of mediation whole or at least on the road to recovery.
Working together as a team and incorporating divorce mortgage planning into the mediation cycle with a Certified Divorce Lending Professional will ultimately result in a better solution and better outcome for the mediating couple.
My training as CDLP help me have a different perspective and ultimately provide a better solution for both the professional divorce team and the divorcing homeowner while at the same time protecting their ability to obtain mortgage financing in the future.
