The mortgage acquisition process, how is it?

The mortgage acquisition process, how is it?

Separation: a pivotal moment for your mortgage

a Separation It’s never a fun time to live. this radical change From your daily life, from your life, but it is also a sensitive period during which you have to Share all acquired property together During these past few years.

And it’s a step that gets even more complicated when you have They signed a mortgage loan Now you need to find a file ranking That would satisfy both parties.

It is really rare, and we are unlikely to prepare in advance for a breakup. So when the frightening moment comes, many find themselves stuck with a house and Mortgage It is common to pay.

Therefore, this scenario is not rare, and unfortunately it is more and more frequent.

This is why there is different solutions This will allow you to make this exact step a little easier and we will cover one of these solutions in this article.

Let’s go back for a moment to Possibilities You are available at the time of your separation.

Possible Options for Your Mortgage Credit During Separation

  • You can simply decide property sale and use the collected money to repay the loan taken together.
  • Did you maintain a good relationship despite the separation? So it is also possible Keep the house together and continue to Pay the mortgage together as co-borrowers. This option will allow you to For Rent Your previous joint residence.
  • Finally, the last possibility is that One of the spouses decides to keep the house. In this case, the respective pair will Buying the share of the former partner. This is the last method that will interest us.

Buying back the house from your ex partner

distance Separationyou wish Continue to live in this house That you had a real crush? In this case, you will have to recover thus Reclaiming the share of your ex-husband.

This is a dissolution that occurs regularly during separation. The ultimate goal is Become the sole owner This is a home you’ve shared for several years but will also become where you’ll bounce back after a breakup.

At that time, you took out the mortgage together? So it’s time to find out How can you become the sole owner From the home and therefore, automatically, from the mortgage loan.

Because it already exists Many solutions In this case.

  • You can order disintegration of your mortgage loan and thus make sure that you becomethe only borrower of the loan.
  • You can also decide close credit underway with a goal Re-apply for a mortgageIn other words, buy back mortgage credit.

What are the costs when separating your joint mortgage loan?

Before delving into the various possibilities available to you, it is important to return for a moment What do you owe your ex-husband? In case you want keep the house So take on the role of your ex.

In fact, when you decide to go on this adventure, start with two adventures, on your own, you inevitably must Acting with a notary. Action that will lead to Share good but also Pay from one sum Allowing you to buy your ex-husband’s share. This is called Pay.

So the balance is this amount Agreed upon by both parties Which allows the buyer to become the sole owner of the property.

The balance payment amount is calculated by taking The difference between the value of the dwelling in time T and What you have left to pay on the mortgage. The Get added value will be then divided by two To find out what compensation your ex-partner is entitled to to recover his share.

The estimated value of your home is 200,000 euros? Have you already paid off €40,000 of your €180,000 mortgage? So $200,000-140,000 USD equals $60,000 USD. Divided by 2, the balance then is 30 thousand euros.

this is Compensation must be paid Whether you decide to choose a solution disintegration or Fida mortgage credit. So it is a criterion to take into consideration before making your choice.

This balanced payment can be arranged in friendliness But it can also happen that Escalate discussions About the price of the house and thus calculate the balance, for this a real estate expert will come and estimate the value of the property to avoid any misunderstanding. Thus you will have a clear and accurate number of what your home is worth. In fact, the value of the property may differ from when you purchased it, especially if you have done work at home.

It will also be important to Take into account the difference in contribution between two sides. In fact, if one partner or the other partner has invested more in the house, whether collection or through Businessthis will be too Taking into account in the balance price.

Unpacking Mortgage Credit

you wish Keep the mortgage At first? You have the means to not only pay off the mortgage loan contracted together but also the means to repay Pay Who is your ex-husband while continuing to pay the monthly installments of your loan?

So your ex will inevitably have to go through the box disintegration.

This procedure, which is carried out with your bank, will make it possible to avoid any unpleasant surprises for your ex-husband in case Mortgage loan default.

Thus, your ex-husband will be completely relieved of any responsibility in the event of a problem.

Be aware, however, that separation does not take place in an instant. In fact, in order to make sure that the person who takes out the entire mortgage loan is already able to repay the loana deep analysis will accomplish.

It is important to keep in mind that this solution will put a heavy burden on you Pay off the loan you paid together but alone. You will have to continue to pay this balance to same conditions And therefore at the same time modifiedon the same Duration And the same Monthly payments than before.

Buy back mortgage loan

Choose Buy back mortgage loan It can be interesting in more ways than one. In fact, choosing to apply for a new mortgage Allows you to include various costs related to sharing a home and for file cost.

This new credit will therefore include amount subordinate Pay Due to your ex-borrowing partner, Remaining capital Beside Notary fees significantly.

The advantage of this new credit is that you can also See all terms An indispensable condition for credit.

In fact, your ability to repay will be different now that you are on your own. Choosing a credit refund solution will allow you to do so See the duration of your loan to take advantage of Affordable monthly payments And more to fit your budget today.

Be careful, despite the solutions that present themselves to you, it is necessary to step back from the situation and to me Realize what it will cost you to pay off this house on your own.

In order to avoid falling into the red while paying for housing, it may be best to choose another solution That the acquisition of your ex-wife is like real estate sale or the rent a house Keep the loan for two.

Each case is different and has its own character Change according to your profilefor you Financial situation and the Link that you keep with your ex-partner.

Buying a home heir

Realize that separation is not the only situation that may encourage you to buy back part of the home from a third party.

In fact, in the case of a SuccessionIt may happen that your parents’ house is divided between the two of you the brothersAnd the sisters And the you all.

Do you want to keep the house and thus buy back part of your brothers and sisters? So you can start The same steps during the separation.

It will be necessary to be a notary or real estate expert home valuationit will be necessary to specify Pay Which will go to the participating heirs and will definitely have to go through the chest mortgage credit To help you realize this large scale project.

Some things to consider when taking out your mortgage loan

When taking out a mortgage, don’t forget it Check insurance related to credit and in particular Securing the outstanding balance or fire insurance which will have to be adjusted since they were originally in the name of the two borrowers.

This solution also generates Registration rightsalso known as “rights Share“.

In Wallonia, this registration fee is Up to 1% of the home value.

Trust a mortgage broker to learn more about taking on a mortgage

Would you like to learn more about taking on a mortgage after a separation or during an estate? So why not pledge your project and Discuss your situation with a credit professional Who can accompany you and advise you in this ordeal?

As a loan broker, Crédit Wallonie can help you see more clearly but also help you find the most suitable solution for your situation.

a In-depth analysis of your profilesubordinate Suggested offers in the market but also in Need And the Cravings In order to better understand who you are and what you need.

Do you want to continue living in the house you acquired together and thus buy back your ex-husband’s share? Depending on your ability to borrow, your relationship with your ex, what you want to do with the house…different solutions are possible.

Feel free to contact Crédit WallonieYour Personal Mortgage Broker to learn more about repossessing mortgage loans during separation or inheritance!

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