In this not so perfect world, sadly, marriages end. It’s not all love ever after. What makes everything more painful is that you’ll still be stuck with the mortgage the two of you got when you were still a couple.
This Wednesday, we discuss what happens to a mortgage in the event of a divorce.
First and foremost, you have to understand, your mortgage company will consider you as still married and liable for the mortgage. The only time you will be free from this liability is when you sell your Edmonton home.
The most important thing here to remember is, when dealing with this kind of situation, you need to put your emotions aside and aim your attention at getting your finances in order.
A simple way to end this financial suffering is to have your Edmonton home for sale. Once you sell it, you’ll be able to burry this burden and put that mortgage obligation behind you.
With the current economic situation, selling your Edmonton home would be a challenge. But with the help of professionals, the chances of the home getting sold fast increases.
What if you owe more on your mortgage than what your Edmonton house is worth?
That’s tough, you (and your ex) will have to pay the difference on the mortgage or go for a short sale. In case of a short sale, the credit score of both you and your ex would be affected.
Going through a divorce is hard enough, selling it on your own would even be harder. Team Leading Edge is here for you.
Call the team at 780-634-8151 to get you started.
Just in case you need to start over again with a new home, remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
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