Archive for July, 2018
Homeownership and Divorce: What To Do About Your House
The evil D word, nobody wants it, but it happens to 50% or more of us. Orange County sky rockets the national divorce average from 50% to 72%. Did you know that divorces spike in August and January? As summer winds down, we thought it would be a good idea to give you some pointers on this super touchy subject.
Listing your home during a divorce
MANY of our listings are divorce sales, and we strive to provide solutions to better protect our clients. It’s a HARD time, and we want to make it as easy as we can when it comes to the most important asset. For this reason, I just earned my RCS-D designation with Professor Kelly Murray, who has degrees from Stanford & Harvard Law. Watch this video to find out some important tips to a successful resolution of the house during a dissolution:
Real Estate Collaborative Specialist – Divorce
Did you know that less than 50 Realtors in Orange County, CA have this prestigious designation? Did you know the standard in divorce when it comes to real estate is an appraisal and a mortgage statement?? That’s IT.
- NO inspection reports
- NO previous title search for liens or secret mortgages
- NO insurance search to confirm the property can be refinanced
- NO preapproval to make sure the home can *actually* be refinanced by one party or the other on their own
Property division is permanent, and not all divorce attorneys are stellar when it comes to real estate handlings. Things you sign in mediation are binding, and sometimes you feel rushed into these decisions. CONTACT US for a no obligation conversation on how you can protect yourself before you ever walk into court or mediation.
Hard Scenarios You MUST Consider During Divorce
Scenario 1: “Oh, just let them keep the house.”
Are you sure about that? One late payment can be 100 credit points! Do you care about your credit score? Ask yourself: Can you or your ex ACTUALLY qualify for the refinance?
- For example: Can you use your alimony or support payments, and if so, how soon? Many banks have a 6/36 rule. They want to see 6 months consistent income, and receive evidence that 36 months of income will continue before they will lend.
Scenario 2: “It’s ok, I’ll just go buy another house.”
ASK: If you allow your ex to keep the house, will YOU still qualify for with your name on the old mortgage? Can you start your next chapter?
- For example: In the eyes of a lender, both parties don’t have 50/50 responsibility on a loan……you each have to pay 100% if the other defaults. Does this ruin your chances of qualifying for a second home in your name? Make it a point to find out before you make a promise you can’t keep.
Scenario 3: “I lost my job / health & I can’t pay.”
Consider what might happen in a worst case scenario. Would you be able to carry two homes to save your credit? Or possibly be willing to sell in a down market?
- UNFORTUNATE FACT: Only 25-30% of individuals regain homeownership 7-10 years after foreclosure. Don’t let your divorce put you into this pool.
If you need help deciding what to do with your house during a divorce talk to the proper Divorce Professionals who can give you the protection, tools, and timeline to make your future a success. We have an entire team waiting to assist you, from moving out all clutter for free to pulling the necessary paperwork to know what you truly owe and own on your properties.
Please reach out to Angie via phone or text anytime at 949-338-7408. Always confidential, always caring, always at your service.
Read Full Post | Make a Comment ( None so far )Summer Living at Lake Mission Viejo
We just activated our lake pass for the summer at Lake Mission Viejo! We wanted to share our excitement about this beautiful spot and encourage locals to activate yours and join us this summer. Any homes that were built in 1978 or after within the boundaries of Lake Mission Viejo automatically come with membership! You can also contact the membership association and see if your home can be added to the association.
Bring guests to enjoy the lake with you!
It’s only $3 a day for each guest that you want to bring along with you to enjoy the fun in the sun! If you’re bringing kiddos under the age of 8 to play at the lake then they are free of charge, but they count towards the total number of guests you can bring for that day. Each family can bring up to 15 guests every day besides for summer weekends when 10 guests are allowed per family. You can also let your guest come along for fishing trips for just $12 a day. On Concert Days there is a $15 fee per guest, with guests limited to 4 per member household at the North Beach. Regular guest policies apply to the East Beach. Members submit a LMVA guest list and can either pre-pay or pay during check in. Guests have to check in with their member and the member has to accompany them all day, but why wouldn’t you want to spend the day with your friends at the lake?
Events you won’t want to miss
Two concerts a month for the rest of the summer are put on by LMVA! LeAnn Rimes us performed on the 7th and Gladys Knight is coming up soon, you can checkout the rest of the summer schedule here. Concerts, family fun days, movie nights and special events go on all year long at the lake! This summers calendar is packed and you’re not going to want to miss out on the fun.
More fun in the sun!
Another thing we want you to know about is the contest the LMVA puts on every year called “Paint The Lake.” If you’ve got some built up artistic talent that you’ve been waiting to unleash now is the time. The winner of this takes him $500! Paint the Lake is judged by any attendees of the last concert of the year. You’re allowed to submit multiple, all you have to do is bring a blank canvas or two to get stamped by Lake Mission Viejo. One of our favorite things to do on the lake is rent a boat to spend the day on! Members can rent all kinds of water fun activities from paddle boards to pontoon boats for really amazing prices. If this doesn’t make you go get your lake membership activated today, I don’t know what will!
Orange County Real Estate Success 