DISSOLUTION OF MORTGAGE
MORTGAGE SOLUTIONS POST DIVORCE
Not only does Parlay Mortgage seek to educate and empower individuals pursuing divorce, but we also aim to relieve the legal entities that are assisting them, such as divorce attorneys, from the burden of dissecting client’s shared financial affairs. Our team has cultivated a program that is centered on planning for living arrangements post-divorce, which we accomplish by evaluating individual financial potential. We do so in hope that the divorce process can be expedited and the stress for all parties involved can be alleviated.
Parlay Mortgage seeks to help individuals who are going through divorce understand their financial situation through the lens of domestic affairs. The end of a marriage is often accompanied by big changes in living arrangements, which can be difficult to plan for. Newly single individuals might not know exactly how much they can afford in regards to housing, or how to figure that out. In partnership with the legal entities that assist them through the process of divorce, Parlay offers a 3-step program to make this complicated process a little bit better.
1) Identify the Problems: This involves asking clients what their new living arrangements will be post-divorce. Typically, the court will order one spouse to refinance and the other will be in search of a new residence. We take this time to advise each client on the potential harm that unmanaged joint accounts can have as we proceed to the next step. In addition, we assist the client in understanding the effects paying, or receiving, spousal support has on their ability to obtain loans.
2) Pull Credit and Assess Joint Accounts: Pulling a credit report for each client will allow us to assess which joint accounts should remain intact (if any) and which will be terminated. Many individuals will not want to assume financial responsibility for their former spouse after the divorce is finalized.
3) Pursue New Living Arrangements: This step occurs somewhat separately between the individuals. After the joint credit accounts have been assessed, Parlay can begin assisting each person with pursuing new living arrangements, whether that is a court-ordered refinance, the purchase of a new home or recommending a realtor that can show them properties available for rent.
Parlay Mortgage is available to be used as a resource for divorce attorneys and other legal entities that assist with the process of divorce in addition to individual clients. Parlay can specifically help with purchases and refinances, and recommend a realtor if a client is seeking to rent. Contact us today for a consultation.