Divorce and Mortgages: What You Need to Know

Welcome to A Year and a Day. I’m Jaime Davis, board-certified family law attorney at Gailor Hunt. In this episode, I’m joined by Diane Kinlaw, a senior loan officer with Revolution Mortgage, to discuss the critical mortgage challenges that arise during separation and divorce.Diane explains why your credit score is your "financial resume" and why you shouldn't wait until your divorce is finalized to speak with a mortgage professional. We dive into the specific rules for using alimony and child support as qualifying income, why keeping the house isn’t always in your best financial interest,  and the logistical hurdles of equity buyouts through cash-out refinances.Together, we discuss the "deal breakers" of debt-to-income ratios, how contingent liabilities on joint credit cards can sink a new loan application, and the reality of navigating today's interest rates versus "stored equity." Diane provides a proactive checklist for gathering financial documents and highlights the importance of working with a team—attorneys, financial advisors, and lenders—to ensure a clean transition to your next chapter.Need help from Diane? Reach out for a free consultation at revolutionmortgage.com/dianekinlaw.If you are in need of legal assistance in North Carolina, contact us at Gailor Hunt by visiting www.divorceistough.com.