In the midst of a divorce, the marital home is a vulnerable asset. In many cases, two incomes were needed to maintain the regular mortgage payments. However, when parties decide to divorce and one party moves out of the home, concerns may arise about payment of the current mortgage obligations. While the house was formerly seen as the biggest marital asset in property disputes, in many cases it is now viewed as the biggest liability. Any person considering a divorce should be concerned with ways to avoid foreclosure of the marital home.
Protect Your Rights, Protect Your Family and Protect Your Future
- Who is responsible for paying the mortgage?
- We can't sell the house because the mortgage is more than the property's current value. What can we do?
- How can I protect myself from creditor claims?
With the current housing market and economic downturn, many homeowners are finding that they have "upside down" mortgages. While married couples may eventually recover value as the market improves, couples who are separating may have no choice but to address these issues now when the market is unfavorable. Our family law and divorce attorneys advocate for the interests of our clients in property division disputes. We address concerns about foreclosure, ownership responsibilities and other issues.
Although the court does not have the authority to order your mortgage lender to release you from your mortgage obligation, it can direct the mortgage to be paid by one or both parties.
While we do not handle bank negotiations, we offer skilled advice and representation in property division negotiations. We negotiate and draft agreements that protect our clients. In addition, we address how to protect a person whose name is on the mortgage for a home they no longer own. We talk about the advantages and disadvantages of your options and work to find creative solutions to help you stay afloat during these difficult economic times.
If You Can't Afford Your House Payment During a Divorce, Contact Our Attorneys Today
Don't let divorce put you in default or foreclosure. Contact our Fairfax law firm for a comprehensive consultation about your options and expectations for moving forward. Our divorce and family law attorneys serve the entire Northern Virginia region. Call 703-691-8333 to learn more.