Karen asks:
"I'm getting divorced, but I want to buy a house, what do I need to do?"
Karen, I want to give you three things that you need to think about if you're getting divorced and want to buy a house.
You Can’t Buy a House While You’re Getting Divorced
Number one is, you can't buy a house until your divorce decree is final. In the state of Minnesota, you have to have a final divorce decree, which basically lays out all the terms of the divorce and how everything's going to go down.
Separate Yourself Financially From Your Ex
Number two is, you need to remove yourself from all your ex's assets. What does that mean? If you guys owned a house together and your ex is going to get that house, but you're on the deed or you're on the mortgage, you're going to want to remove yourself from the deed and from the mortgage.
Now, here's a quick tip, remove yourself from the mortgage first, then remove yourself from the deed.
Consult with your attorney on this, but my two cents is this, you want to remove yourself from the mortgage because that's a liability. Now, if you remove yourself from the deed before you remove yourself from the mortgage, you're essentially giving up your rights to the property because you're removing yourself from the deed and all the rights to that property, but yet you're still responsible for the liability, which is that mortgage and paying off that debt.
Find a TRUSTED Lender
You want to meet with a trusted lender so they can help you through the financing process. There's a lot that goes into getting divorced, so you're going to want to meet with a trusted lender to make sure that they can guide you through all the different variables when getting divorced and how you can qualify for financing under those circumstances.
So those are three things to really think about. And if you have any questions, comment below, because this gets really tricky and it can get really deep as far as how to work through some of this. So hit me up with any more detailed questions, I'm here to help.
