Sunday, July 5, 2009

Divorce and what to do with an upside down mortgage?

I ran across this issue on a lawyer listserv and one writer made three suggestions that I think are good ones:
...We are taking three approaches: 1) working with financial planner to help get all finances in order and maximize income, 2) refinancing (hopefully, they aren't as upside down as your situation but I am working with a good mortgage broker) to save money
monthly, and 3) working with opposing party to make sure all sides are happy.
I will make a fourth suggestion, that both parties consult a bankruptcy attorney. Unpleasant and drastic, but there is information to be gotten from a consultation that may help inform the other three approaches.

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