July 2010 Newsletter
Table of Contents
1. Dividing the Family Home in a California Divorce
2. Another hidden danger of divorce mortgages - home
insurance
3. Become a Financial Divorce Specialist
4. Make Money While You Sleep
5. Free Teleclass
6. Divorce Humor
7. Divorce Quotes
8. Thought for the Day
1. Dividing the Family Home in a California
Divorce
(Peggy Spiro has responded to the April newsletter with the
following comments.)
Just thought I'd let you know that the below question is not answered
correctly. The banks are often putting deficiency judgments on sellers
and they can do that up to 6 years after. This really affects divorcing
couples because could be after the settlement someone/both get judgment.
The new HAFA program (April 2) has reduced this somewhat, but there
are many hoops for a couple to jump through in order to qualify
for this AND the bank has be participating in the program as well.
So this answer will confuse people and lead them to potentially
give out incorrect information to their clients. The short sale
foreclosure issue is a moving target right now as things are really
changing daily. This new law is to replace the HAMP (Home affordable
modification program) that didn't work from November!
Best, Peggy
Q: My wife and I are going to divorce. We currently own a home together
that we will need to decide how to handle. The house is currently
upside down and the banks will not refinance and we cannot sell.
What is the best course of action?
A: You and your soon-to-be ex might want to figure out how to pay
the mortgage until the home increases in value. If you can't sell
it and you can't pay the mortgage, the home will go to foreclosure.
If the loans from banks were used to purchase the home, there is
no deficiency after foreclosure.
Peggy Spiro, ABR, GRI, CRS, CDPE
Certified Real Estate Divorce Specialist
Re/Max Alliance
303-875-3575 Cell
2. Another hidden danger of divorce mortgages
- home insurance
Did you know home insurance is required to close or keep a mortgage?
If the house you buy (or keep per divorce) is later found to be
uninsurable, the lender (based on contract language in the loan
documents) can call the loan - essentially canceling your mortgage
before it's barely begun.
Did you know pending insurance claims on a house will likely prevent
a mortgage from closing?
Another casualty - your credit score: In divorce, if you
cannot individually qualify for home insurance on the family house
you own with your EX, you cannot individually refinance the mortgage.
Many of the dangers from owning a house without home insurance
are obvious. But if the marital joint mortgage is not individually
refinanced, you and your EX are still linked through a major debt
- the mortgage. One late mortgage payment drops both of your credit
scores (20-100 points); foreclosure is reported on both spouses'
credit reports. As a result, you're not really divorced - financially
speaking.
3. Financial Divorce Specialist™
Many of you have shown interest in training for the Financial Divorce
Specialist™. Now the certification training is being offered
for a limited time at a 25% discount until September 1st, 2010.
This discount offer will NOT be extended. Click
here for all the details.
4. Make Money While You Sleep!
Just become an affiliate and you can earn 25% of what others pay
for our course and other products. Just put a link on your website
or in an email. It's easy! Click
here for all the details.
5. Free Teleclass
Carol Ann will be hosting a FREE teleclass for your clients who
are going through divorce. It is called "5 Ways to Survive
Your Divorce Financially." For call-in information, go to www.CarolAnnWilson.com.
You will find the date and time for the FREE call as well as how
to register for the call.
6. Divorce Humor
A man in Phoenix calls his son in New York the day before Thanksgiving
and says,"I hate to ruin your day, but I have to tell you that
your mother and I are divorcing; forty-five years of misery is enough.
"Pop, what are you talking about?" the son screams. We
can't stand the sight of each other any longer," the father
says. "We're sick of each other, and I'm sick of talking about
this, so you call your sister in Chicago and tell her."
Frantic, the son calls his sister, who explodes on the phone. "Like
heck they're getting divorced," she shouts, "I'll take
care of this,"
She calls Phoenix immediately, and screams at her father, "You
are NOT getting divorced. Don't do a single thing until I get there.
I'm calling my brother back, and we'll both be there tomorrow. Until
then, don't do a thing, DO YOU HEAR ME?" and hangs up.
The old man hangs up his phone and turns to his wife. "Okay,"
he says, "they're coming for Thanksgiving and paying their
own way."
7. Divorce Quotes
One should always be in love. That is the reason one should
never marry.
--- Oscar Wilde
Marriage is a great institution, but I'm not ready for an institution
yet.
--- May West
You only have to mumble a few words in church to get married,
and a few words in your sleep to get divorced.
--- Anonymous
8. Thought for the Day
Life is like riding a bicycle. You don't fall off unless you
stop pedaling.
--- Claude Pepper
Become a Real Estate Divorce Specialist!
Become the real estate broker of choice for divorcing clients!
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