Eric S. Lumberg Divorce Law Blog on Lawyers.com

Divorce and your Mortgage

Friday, May 6, 2011 by Eric S. Lumberg

One of the biggest concerns these days in a divorce judgment involves the home and who will take responsibility for the house and any mortgage.  When housing values were high, this never seemed to be much of an issue as one spouse would take over the responsibity and could easily refinance to buy the other spouse out.

  However, these days, that practice has taken a different path as housing values have decreased and the parties find themselves with a mortgage higher than the home value.

  Divorce attorneys need to come up with new and creative ways to resolve this issue for the benefit of their clients.  At the law office of Eugene Lumberg and Eric S. Lumberg, we work with several mortgage and finance companies to come up with options for our clients.  Some options include cash-out financing which gives our client cash to buy out the other's equity or other debts, or flexible loan options for new home purchases.

  Contact us today for a free consultation regarding your family law issues.  We can be reached at 248-626-8383 or www.lumberglaw.com.

Posted at 14:40 PM
Topic: Divorce
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