How a Divorce Affects Your House, Mortgage & Taxes 2021

How a Divorce Affects Your House, Mortgage & TaxesSegment 2How a Divorce Affects Your House, Mortgage & TaxesBarb, of the many emotional and financial challenges with a divorce, dealing with the real estate part of it can be daunting. What are the things home owners need to know about the house, the mortgage and taxes when facing a Divorce?#1 – Get some non-emotional trusted advisors around youIf a lawyer is involved some times the divorce decree dictates what happens to the real estate.In most cases its straight forward, but you need someone to evaluate:The home’s valueHow you hold titleWhat will happen with the proceeds when it sellsThe strategy of what happens next, will you buy another home, will you rent, are you moving away, etc.#2 The Four Basic OptionsYou have 4 basic options in the midst of a divorce as it relates to real estate:Sell the house and divide up the proceeds per the divorce decreeBuy out your spouseHave your spouse buy you out of the homeRetain ownership#3 If you have to sell and want to buy another house, check affordability firstThe Rise of Market Values Has Leveled Off – Could Be Seasonal – Great Time to BuyNumber of Sales Much Higher Than Previous YearsFor every $10,000 in price, at the current low rates, a house payment increases by about $45 per month: Bank Rate Mortgage Calculator #4 Be Prepared for Your DestinationHome STILL selling quicklySeller Off RampsYou need to be prepared for your next destination:To Get Your Offer Accepted:Have Pre-Approval Lined upMake Your Preferred Closing and Possession Dates KnownMake sure you hire an agent that know how to put protections in place for you…You are listening to the Real Estate Voice with myself Barb Schlinker of Your Home Sold Guaranteed Realty, if you are interested in selling your and want to call Barb give her a call at 719 301 3900 We are talking Barb about Divorce and How it Could Affect Your House Mortgage and Taxes, Barb, What about the Mortgage and Taxes?#1 The Mortgage Will get Paid off at closing.No Need to RefinanceUnless 1 spouse keeping house#2 How you hold Title:Both in Title – Both Must SignMortgage Gets Paid Off Regardless#3 TaxesLess Than 2 Years:  Capital Gains = YesMore Than 2 Years:  Profit up to $500K TAX FREETalk to Your Tax Professional1) You are listening to the Real Estate Voice with Barb Schlinker of Your Home Sold Guaranteed Realty, if you are thinking of making a move call Barb at 719 301 3900 or visit BarbHasTheBuyers.com or if you want a free report the How A Divorce Affects Your House, Mortgage and Taxes  visit: www.BarbHasTheBuyers.com and go to the GREEN BUTTON IN THE UPPER RIGHT CORNER TO DOWNLOAD ANY OF BARB’S FREE ReportsWhen we come back, we will be discussing: Selling a Rental Home – How to Handle the Issues and Keep Your Sanity