Divorce – it’s rarely amicable.  It might be helpful to allow all parties to know their rights and potential pitfalls involved with real estate ownership and divorce.

Date

Name

Address

City, ST Zip

Name:

In my effort to benefit a wider range of clientele, I have taken the liberty of examining public records that have been filed in regard to all divorces in (your area).

I am very sorry to see that you are faced with this particular issue in your life.  I am writing because I understand the many challenges resulting from a divorce, especially those that entail the disposition of real estate.  To help you through this confusing process, I wanted to tell you about the six major issues divorcing couples rarely know about or consider when they are “dividing” their real estate:

1. Did you know that if you pass title to your spouse by way of a “Quit Claim Deed” that it only affects the actual title to the property and does not transfer who the responsibility for the underlying loan?
2. Did you know that if you change title by a “Quit Claim Deed,” or even a “Grant Deed” or “Warranty Deed,” both parties who originally signed the loan are still liable for the repayment of that loan and, in fact, can be harmed by a future foreclosure, a nonpayment in the mortgage, or believe it or not, even a late payment!  Both of the original signers collectively or independently of the note are still wholly responsible in the repayment of an existing mortgage, even though title has passed by way of a Quit Claim, Grant Deed, or Warranty Deed. A Quit Claim, Grant Deed, or Warranty Deed removes someone from title, but not the loan!
3. Did you know that if I help you refinance your property, the person who is leaving the property will be removed from the title and the current mortgage obligation in the same transaction? Refinancing allows the party who is leaving to be completely freed, not only of the real estate but also of the loan.
4. If we were to refinance the property, I could enable the spouse who stays in the property to pay off the spouse who is leaving the property while keeping the existing property equity.  This usually eliminates the need to have the court direct the disposition of your assets, retirement plans, pensions, etc. The ability to use the equity in the home, freed up by a refinance, can be the great equalizer in the possible inequities of other assets transferred in a divorce.
5. Sometimes I can obtain a lower interest rate than what you have currently, thus allowing you all the above benefits WITH A LOWER PAYMENT!
6. Loan costs are tax deductible!

Because there are so many different refinancing options available, you need to be personally counseled on the pitfalls and the opportunities in these real estate loan transactions. We can even advise on the housing needs of the spouse who is moving.

For many years, I have helped clients move ahead in their lives.  In fact, after years of dealing with this particular issue, I have added a whole section to my website at www.waltersanford.com/divorce.  Please utilize my services at your convenience. You will be pleased with my unbiased approach and respect for your privacy.

Sincerely,

Walter Sanford

Sanford Systems

P.S.    Have your attorney call me at 815.929.9258 for a no-obligation discussion on the options available regarding financing and selling your spousal real estate.

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