Five tips that will set you apart as a family law attorney.

If you include some or all of these five elements into your divorce settlements, you will set yourself apart from the majority of family law attorneys and CDFAs who do not know these principles of mortgage qualifying. As a certified divorce lending specialist it is my obligation to apply these principles in the context of a specific case where a client is qualifying, real-time, for a mortgage transaction. These include, especially, refinances to remove a spouse from the mortgage application, refinancing to include a buyout to an ex-spouse and purchasing a new home using support as qualifying income, etc.

Divorcing Your Mortgage May 2017Newsletter from The Richard Woodward Mortgage Team

Of course there is a disclaimer-Do Not Try These at Home. You can actually describe and discuss these principles and meetings to the benefit of all concerned. But, as in all mortgage qualifying, your client needs a specific assessment/approval with recommendations for the settlement. I can certainly help you with that.

First, structure income as support income wherever possible. You will see that, in the mortgage world, there is a difference between income and qualifying income. And, certain rules of documentation apply. Whereas child or spouse or requires a pay history of 3 to 6 months, receipt of payments from a note payout requires a 12 month pay history. Download the entire newsletter here… Divorcing Your Mortgage May 2017