Любовь кончилась … А как насчет ипотеки?

  • Sale the house
    Getting rid of the house by selling it is perhaps the first choice…On the other hand, this option brings two problems: on one hand, selling the property can dramatically prolong the divorce process and on the other, most likely the price at which it was purchased will not be obtained, due to the devaluation of the  Sqm that the market has experienced.


  • Lieu of Payment
    The payment installment basically consists of clearing the remaining debt of the mortgage loan by delivering the house to the bank. This way you will be exempt from debt. However, it is not easy as banks have their portfolio filled with flats for liens and even more if this clause is not contemplated in the mortgage contract. And to make matters worse, it will be even more difficult if:

– The remaining debt of the mortgage represents a large part of the value of the     home.

– The financial situation is strong enough to be able to face the mortgage

– If the guarantor had been included in the contract that are financially solven

– Other outstanding debts

  • What if one of the spouses wants the house?
    If making the mortgage disappear difficult, it is not less when one of the spouses wants to stay with the house. In these cases there are three ways, although in all three cases it is most likely that the two sides continue to figure in the mortgage contract.
  • Court Ruling
    In this case, it will be a judge who dictates the final destination of the home. In these situations, although the magistrate decides on who receives the ownership of the house, it is common for both parties to be subject to the mortgage, although only the person who stays with the house will take care of the fees. The problem with this formula is that if one party fails to pay the monthly payments, the other can be seized.
  •  Divorce SentenceIn the case of having children, an agreement can be reached whereby the party responsible for  taking care of them will stay with the house. In this case neither the owner of the house nor the mortgage contract is modified.
  • Extinction of the condominium
    An extinction of the condominium is an agreement reached by the couple by which one party gives the house to the other. It is a much cheaper process than writing a deed of sale , but in the end, one part pays the other the value that corresponds to it.In order to carry out the title change that requires this process it will be necessary to make a new mortgage, by which it will be possible to modify the responsible parties. Unfortunately, it is here where there are often more problems since the bank does not have to agree and can deny the change. The reason is simple: by decreasing the number of owners, the mortgage payment guarantees are reduced.Unless the person who is to take charge of the loan has a solid financial profile (savings, income, job stability, etc.) it is quite unlikely that the bank will want to change, something that can muddy the divorce process.
  • Alternative Solutions
    If none of the above options are feasible, there are other alternatives that have been practiced more frequently, especially following the economic crisis. Although they are not very popular, due to the amount of conflicts and disagreements that can generate, one could rent the house or some rooms, so that with these payments the mortgage will be amortized. Another uncommon option is to live in the home without living as a marriage couple, which allows time to be gained until the market recovers and a sale possibility appears.

➡Information pick up by the economia digital


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