If getting a divorce is not enough stress, financial pressures can be over whelming. There are no easy solutions. Often it makes sense to either sell the marital home or buy out the other so the children can stay in the same community and school district.
The Maryland Courts can grant you use and possession of the marital home for up to three years from the date of the divorce. However, this time frame is not an absolute. The problem with waiting for up to three years is inflation and that may well mean the value of your house has gone up so much you can not afford to buy the home, let alone afford another comparable home.
Try talking to a lender, even if your credit score is less than perfect, do not panic. There are lenders that can evaluate your credit so you can buy the home with a short term loan until your credit score improves and then get a lower loan rate when your score goes up. Consider borrowing enough money to pay off all of your debts and to be able to pay the new loan until you can get a better interest rate. Talk to a qualified and experienced senior loan officer to work your way through your situation. If you have a local financial advisor or accountant talk to them about your unique situation. There are a variety of programs that may fit your needs.
Don't worry about having to provide mountains of paper work. Many lenders have streamed line the process for quick approval.
Stay calm and remember worrying does not make the problem go away. Think positive and be aggressive to protect your future.
Remember at the end of the day when everything is said and done your divorce is also a business deal.
By Belli, Weil & Grozbean, P.C.
Our family law section is headed by STUART H. GROZBEAN. Mr. Grozbean was named to "Who's Who" in 1998, 1999, 2000. He is now a life member of "Who's Who", a prestigious national recognition of outstanding professionals in the United States. He is also the developer of the child support guidelines program in Maryland. His program is widely used by Judges, Masters and Lawyers in Maryland.
Mr. Grozbean has been quoted in the Washington Post, USA Today and on various television and news channels
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