Refinancing and Selling your Tampa Home during a Divorce

Selling your Tampa home may be in the best interest of everyone when you are going through a divorce. If the home is in both names, this means both parties are responsible for paying the mortgage. It does not matter if the home was awarded to one or the other on the divorce decree. The option of selling your Tampa home may give you the cash needed to start over using your own credit and putting everything in just your name.

There are other options to selling your Tampa home as well. You may have agreed on one of the parties retaining possession of the home or as mentioned it could have been stipulated in the divorce decree that one or the other would get the home. If this is the case, you should refinance the home. Get a new mortgage in your name if your credit is good enough. If not, try to enlist the help of a relative to help you get the credit you need to qualify.

Check with your bank or a mortgage broker or credit union to obtain the new mortgage effectively getting your ex-husband or wife removed from the deed. If you owe them equity from the home, you might want to try getting enough on the new loan to pay off the loan the two of you had and get a second mortgage to pay the amount you owe. This is an option that will be dependent upon your credit and if you can obtain a co-signer if needed. If these options do not work for your situation selling your Tampa home may be in the best interests of all.

Selling your Tampa home will allow you to pay off the existing mortgage and split the money that is left. Both of you will have the money to move on and start a new life and often this is preferred over retaining the family home. Sometimes people find it too painful to remain in the home they shared with their spouse after a divorce.

If this is a choice, prepare your home to get the best price. De-clutter, put away personal items and get your things packed up and ready to go. Find a good real estate agent and establish the market value of the home. Selling your Tampa home is often the best way to move on with your life after a divorce.

For more information about homeowner assistance programs, please visit our “Find A Local Counselor” page, complete the form and we’ll be happy to assist you further.