If a marriage fails, the divorcing partners need to consider what to do about their mortgage.<\/p>\n
Not all marriages last as long as the couple may have hoped for and when they make the decision to divorce, the mortgage on their house remains a silent partner in the proceedings. In effect, one is not just divorcing a spouse — one must also divorce the mortgage.<\/p>\n
The housing market today is slow and with even tighter lending requirements, divorcing couples face an uphill battle to get divorced. Before the housing bubble burst, it was relatively simple to divorce, sell the marital home, split the proceeds (equity) and each buy another home. With the market the way it is now, this rarely happens. The home, once an asset, has turned into a liability — one that is increasingly difficult to discharge.<\/p>\n
From the point of view of the bank financing the mortgage for a home, a (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" If a marriage fails, the divorcing partners need to consider what to do about their mortgage. Not all marriages last as long as the couple may have hoped for and when they make the decision to divorce, the mortgage on…<\/span><\/p>\n