All Forum Posts by: Scotty Gifford

Being tied to the mortgage or deed post-divorce is a bad idea, we have personally gotten dozen of calls where things went wrong post-divorce when someone was still on the mortgage. When I went through my divorce 7 years ago, that was one thing I wanted off the mortgage and off the deed. A clean cut, I get that it might be hard emotionally and financially but a clear break on stuff is what you need not more stuff that keeps you together that will just be one more thing to fight over later.
Leaving stuff unresolved, with anything, especially divorce, is an energy vampire that is always hungry. 

We just had one, and we got the deal, due to that as well. 

Gong through a divorce is challenging, especially when it involves making crucial decisions about real estate and finances. During such times, having the right information can make a significant difference. It's normal to feel uncertain, but knowledge can help reduce fear and guide you through the process.

For those navigating these complexities, there are resources available that can assist with understanding your options. For example, divorce buyout calculators can help you estimate how to fairly split equity. It's worth noting that while the VA allows for a loan assumption, you'll need to qualify based on your single income (adjusted for any child support or new debts since the original purchase). Additionally, securing funds to split the equity might require accessing other resources.

In some cases, a partition may be an option to help pay off bills if you opt for a divorce buyout instead of a cash-out refinance. A cash-out refi could result in less tappable equity and potentially higher rates compared to a buyout.

In our experience working with numerous clients going through a divorce, most have had to pursue a buyout or sell the home, with very few able to successfully assume the loan.

Got another one! Good job!

My and Wife special in this area, we have tons of free content on our Page and our YouTube on the options you mention, and we try and cover the good and bad of each. I don't want to provide a link as it will be seen as self-promotion and taken down, but if you google my The Gifford group, or divorce buyout calculator, our website or YouTube should pop up. 

I just made a loan comparison tool that will show you the difference between what you have now and what it will look like with the new loan, as well, it might be as bad as you think.

Good luck, you can reach out, and I can personally walk you through it as well. I have been in your shoes, and we have personally helped over 300 people walk through a divorce options when it comes to the house. 

I have closed 3 loans with them. I used them for hard money then used their sister company to get long-term financing, I prob could have shopped around with different lenders but it worked well for what I was looking for. 

Get the deal done with someone you work well with, and build relationships not just the best terms. 

I am considering selling my home in Texas using a wrap-around mortgage. Does anyone here have personal experience with this type of transaction and can connect me with their real estate attorney?

I would greatly appreciate some insights and guidance as my renters are interested in purchasing the property. Thank you!

I know this post is older, But I did make a seller's net sheet calculator because my clients were always asking me how much they would net after all the costs If they sold their properties. (this includes the owner title policy specifically for Texas as Texas is State-set rates.  But It should be helpful for home other states. 

It Does a capital gains tax calculation as well. But also built a more in-depth capital gains tax calculator for that. 

Julie, 

The good news is that you are seeking out help, which is always the first step. :)

I would agree with what Andrew Garcia, said about your options.

My wife and I specialize in helping, divorcing couples make informed decisions are what to do about the house during the divorce. We do this because we have both been there and know how it feels during a divorce. 

Just know there are rules about what counts as income for jobs/support/rentals, how long you have been receiving income, and how long it will continue for lending purposes. There are also rules about how much money you can pull out of any properties. (80 % is what most people tell you, Most people get all of these all wrong and wait too long to know if they can afford to keep a property, especially during divorce.)  

Our goal is to help people Remove the Fear and Learn the Facts surrounding divorce. Maybe start with our divorce buyout calculator and read some of our blog posts then give us a call. Our divorce buyout calulator 

Feel free to give us a call, and we can walk you through your options more but know the details matter on what is agreed upon during your MSA. Know whatever you agree to during Mediation can not be overturned, even by a judge, so knowing your options before you go to mediation and knowing that you are qualified to keep the property is vital. 

Wishes you the best during these stressful times! 

I have one property that has residents that wish to purchase the property from me and another that is a renter that I wish to help find a place to purchase and then owner finance that place to them. I do and will have an underlining mortgage on the properties (Wraparound mortgages)

The question does anyone have a great real estate attorney (Houston) that they can refer to me that can help me with this?

Also, any additional advice or assistance with this would be greatly appreciated if you have any personal experience in this arena.

I recently read (twice) Mitch Stephen's book on the "art of owner financing", a great read. I wish to try out this method, instead of just being a landlord. This book has had the same impact on me as a lot of people who read "rich dad, poor dad" did it on them. (A mind shift)

Thanks in advance!

Scotty