The Divorce Conversation
The email was from a man who had just been through a divorce. He explained that he had lost 94 percent of everything when he and his wife divorced.
“She got the properties, and I got the mortgages.”
Per the terms of their divorce decree, his monthly spousal support check was to include the cost of the mortgages.
When I read that, I just knew what he was going to say next, and that’s when I cringed…
His ex-wife was cashing the checks, but she wasn’t paying the mortgages on time… the very same mortgages in his name.
This Happens All the Time
This situation is common, so if you ever go through a divorce, make sure you protect your credit:
In short, here’s my advice:
1. Refinance the mortgage in your ex’s name only. In the case
of the man who emailed me, he should keep paying spousal
support. If his ex fails to pay the mortgage, she will be the only
one who suffers. He cannot do anything about the past, but in the
future, refinancing in her name will protect his credit.
2. If she cannot qualify for a refinance, he should renegotiate the
terms of his spousal support so that he pays the mortgage DIRECTLY,
sending his ex a spousal support check for the remainder.
Thanks for all your support – please spread the word!
Mark Fidgett, Your Vancouver Mortgage Broker For Life
604-273-2002
P.S. Who’s the next person you know who wants to save thousands off their mortgage?
Be sure to give me a call so we can help them!
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