Splitting the House: Navigating the Complexities of Divorce and Real Estate
Today we are joined by Brett Leschinsky, a loan officer specializing in divorce. Brett shared some incredible information about navigating the complexities of divorce and real estate. He walks through what information mortgage professionals need in the divorce decree, how to qualify for a new home loan or refinance using child support and spousal support, and how to keep your current interest rate when taking over the mortgage. Tune in for the creative tips he has to make home buying or refinancing simple post-divorce.
In this episode:
[2:08] What led Brett to go into his field of work helping divorced people? [7:03] What do mortgage professionals need to see in the divorce decree? [11:25] How can child support or maintenance be used to qualify for a mortgage/refinance? [17:16] What’s the difference between the title and the mortgage? [20:00] Why would you leave both names on the title? [21:47] When can you purchase a new home post-divorce? [24:44] Can you get a co-signer to qualify for a new mortgage post-divorce? [25:57] Can you keep your interest rate when refinancing?
Key Takeaways:
The divorce decree trumps the credit report that shows you still owe house debt. Ensure the divorce decree states that the spouse is indemnified and held harmless, so when they purchase a new home, they can show the credit report is no longer valid. The payments must come in for at least six months to use child support or spousal maintenance to qualify for a home. There are specific ways to set up accounts for using this income at the time of the finalized divorce. There are many ways to get creative to qualify to buy a new home and do so before six months to a year. Working with a mortgage professional specializing in this space will be able to look at creative solutions such as child support, spousal support, how accounts are set up, etc.
Quotes:
“So I'll get an attorney that'll call me that'll say, Hey Brett, I thought you said, you know that if this indemnification wording is in there, they can go buy a house. And I'll say, yeah. And they say, well, their loan officer is telling them that they have to use that debt against them. And that's just one of those scenarios where the mortgage loan officers who aren't specializing in this.” - Brett Leschinsky
“So take the stay-at-home parent or the parent who has a part-time job, but they're looking for full-time work, but they don't wanna wait to purchase a house. They don't want to move twice. This house that came up is perfect. A co-signer can help bridge that gap and often does help bridge that gap. We do a lot of co-signers, so it's just something that people don't think of too much. If they think, well, I don't have the income to qualify, so I'm just gonna have to rent, but thinking about the co-signer helps a lot.” - Brett Leschinsky
Guest Bio:
Brett Leschinsky (pronounced Luh-shin-ski) hd guest on WCCO’s Real Estate Radio Hour to discuss common mistakes divorcing has been a respected mortgage professional for over 20 years, and he specializes in home mortgage transactions surrounding divorce. Brett has been a featureouples make with their home mortgage, and he regularly speaks to Family Law groups and firms to provide continuing education credits for divorce attorneys.
Resources:
Brett Leschinsky CrossCountryMortgage
Lesa’s Online Courses
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Mentioned in this episode:
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