Riverside Realtor Blog - Alma Dizon

Alma shares her experiences and observations as a Realtor in Riverside California.

Thursday, June 29, 2006

Divorce and Foreclosure

I keep seeing this happen. Seemingly sane individuals call it quits as a couple and then somebody decides not to pay the mortgage. Don't do this to each other! At least, don't do this to your kids!

1. If you at least sell the place and share the profits (if there are any), you will have half of something (which could be fairly good as you'll have some control over the marketing, the condition of the house, the sale). If you let the bank sell it, you'll be forced out, the house will be in terrible shape, and you'll get half of whatever's left (which won't be much).

2. Yes, the other person's credit is ruined, but so is yours. And it's getting harder to rent with lousy credit, so don't assume that you'll get a decent rental (at perhaps twice what your mortgage was).

3. Your kids just lost their family, now their home, probably their school (unless you can find housing in the same district) and their friends along with it. Do you want them to forgive you any time soon? And they won't just blame the parent who didn't make the payments, believe me. They'll figure out that the other parent played a part.

So please, if you are contemplating divorce, stay calm and don't ruin the family. Keep an eye on the statements from the mortgage co. If it's been your spouse' responsibility to make the payments, and you see that stopping, do something about it before it's too late!

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