Splitting up? Okay, so how do you split up the house?

Spousal Separation ProgramI remember watching “War of the Roses” a long time ago.  It was about a couple that started out well, in the beginning they were happy and loved each other.  Near the end of the movie, however, their relationship had turned ugly so much so, that one of them took a chainsaw to the house, in order to split things down the middle.  Thankfully there are better ways of splitting up the matrimonial home , especially when one spouse wants to keep it. 

It’s a program called the Spousal Separation Program.  It basically assists one spouse in buying out the interest of the other spouse for the matrimonial home; and the best part is that it circumvents the existing 80% loan to value refinance rule and treats it like a brand new purchase, therefore allowing up to 95% loan to value.  Furthermore, this program also provides the opportunity to add in additional joint debt that may be required to be paid out as part of the separation/divorce.  This debt can sometimes be a hindrance in allowing everybody to go their own separate ways.  It also allows one spouse to buy out the other’s equity, thereby freeing the spouse that received the equity to purchase a new property, since he/she now has a down payment to do so.

Another major benefit of this program is that it allows couples not to have to uproot their children from their existing home in the midst of an already difficult time.  This program, provided the one who would like to retain the home qualifies, prevents them from being forced to sell the home, thereby avoiding the costs and stress associated with doing so.

At Auxilium, we have specialized knowledge of this program and have assisted many clients in navigating through it!  If you feel that you could benefit from such a program or you would simply like to run your scenario past us, or would like to learn more, please don’t hesitate to contact us at 250-590-6520 or toll free at 1-855-590-6520 or email us at mortgagehelp@auxiliummortgage.com . Of course, if you would prefer to meet in person, one of our mortgage advocates would be happy to do so.

Do I Qualify On My Own?