I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
Showing posts with label legal separation. Show all posts
Showing posts with label legal separation. Show all posts
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Legal Separation vs. Divorce Decree for a Kentucky...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Legal Separation vs. Divorce Decree for a Kentucky...: Kentucky Legal Separation vs. Kentucky Divorce Decree For Mortgage Loans Did you know that a Kentucky legal separation agreement may ...
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Legal Separation vs. Divorce Decree for a Kentucky Mortgage Loan.
Kentucky Legal Separation vs. Kentucky Divorce Decree For Mortgage Loans
Did you know that a Kentucky legal separation agreement may be substituted for a divorce decree for a Kentucky Mortgage Loan?
In most cases, a legal separation agreement can be substituted for a divorce decree for any circumstance where a divorce decree is required. The agreement must:
- be a legal separation,
- include the same information that would be obtained from a divorce decree,
- be recorded, if required by law. (See Kentucky State Specific Requirements for Divorce and Legal Separation for Kentucky Mortgage Loans in Fairway guidelines)
If a borrower is not legally separated, then they are considered married, and the loan will be underwritten as such. In cases where the there is no separation agreement, the 1003 should
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Property in a Divorce
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Click on a topic below:
- What kinds of things are property?
- What happens to our property in a divorce?
- What is the difference between marital and non-marital property?
- Does the court divide marital property 50-50?
- What if I do not agree with what my spouse says is non-marital property?
- What about property from after the separation, but before the divorce is final?
- Will I get half of each asset?
- How do we know the value of our home?
- Will the court allow us to divide our property the way we want to?
Property is anything you own. It includes:
- Real property, such as buildings and land, and
- Personal property, such as money in cash or in a financial institution, furniture, jewelry, automobiles, etc.
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It depends. If it is property that you acquired during your marriage, called marital property, the court will try to divide the value of the marital property between you equally.
If it is your non-marital property, you will continue to be the legal owner.
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Marital property is property that:
- Was obtained during your marriage (even if the title is in only one of your names),
- Was given to both of you as a gift, or
- You inherited together.
Non-marital property is property that:
- You already had when you got married, or
- You inherited or received as a gift individually. (If your spouse says the property was given to both of you, you will have to prove that it was given only to you.)
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Usually, but not always. The court may give one spouse more marital property than the other if it thinks that it would be fair based on the facts of your case.
To decide, the court will consider many factors, including:
- Each spouse's financial situation, including income, spousal maintenance, and non-marital property,
- Each spouse's contribution to their marital property,
- Which spouse will stay in the marital home, if there are children, and
- If a spouse improperly destroyed marital property after you separated.
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Either spouse can ask for a court hearing to decide what property is marital, and what is non-marital.
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In most cases, property or debts acquired after the established date of separation belongs to the person that got it.
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Probably not. The court will look at the value of all your assets. Often, one spouse keeps the home, and the other gets other property, like cars, bank accounts, or other assets. Or the house could be sold, and the spouses would split any profit. The court tries to make the total value of all assets that each spouse gets equal, not cut the specific assets in half.
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It depends on the equity, value, and other things, like market conditions. The court will order an appraisal if you and your spouse cannot agree on the value. This can be complicated. If you own real property or a business, it's best to talk to a lawyer.
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Yes. If your agreement is fair, the court will probably approve it. If your agreement is not 50-50, you should each explain to the court why you agreed to an uneven split.
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
fax: 502-327-9119
email: kentuckyloan@gmail.com
email: kentuckyloan@gmail.com
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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