If you bought your house while you were married and are getting divorced, your gut reaction is likely to fight to keep it. However, while a house is a substantial asset, it can also create unnecessary hassle during an emotional time. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that if both spouses’ names are on the mortgage, whoever wants to keep the house will have to refinance it solely in that person’s name. One spouse can relinquish their interest in a property to another through a quick claim deed, but that doesn’t absolve the person of financial responsibility on a mortgage. A lot of people can’t afford to carry it by themselves, or get a loan with just their income. Refinancing during a divorce is tough because you’re removing one party from the obligation of the loan debt. Basically, you’re refinancing for the existing loan amount plus half of the existing equity, so you’ll need to qualify for a larger loan amount on your income alone. Check out below to see what sold in Olde Orchard in October 2020:
24524 Olde Orchard Street, Novi: 3 bedrooms, 1.1 bathrooms, 1,058 sq. feet, Sold Price: $150,000
Olde Orchard Home Sold
October 2020
24557 Olde Orchard Street, Novi: 3 bedrooms, 1.1 bathrooms, 1,328 sq. feet, Sold Price: $150,000
Olde Orchard Home Sold
October 2020
Even if you’re able to afford your house payment after you refinance, you might not be able to afford the real estate taxes and insurance by yourself. For more information on Olde Orchard, or similar Northville or Novi neighborhoods such as Country Place, Lakewoode Parkhomes and Highland Lakes, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.