COVID-19 has created rippling effects in the field of divorce law. For experienced divorce professionals, it is a new hurdle that requires knowledge and creativity to help clients get their desired result.
For those who are at a stage in the divorce process where they are looking to purchase new real property, it would appear that the major changes to our economy would preclude this.
With today’s economic issues – notably job losses, furloughs, and reductions in pay – many lenders are raising their minimum credit score requirements to reduce their risk in making loans.
On the other hand, interest rates remain near historic lows, and there appears to be no telling if and when those rates will begin to increase.
Specialists known as certified divorce mortgage/lending professionals may be able to help. These professionals work with divorce attorneys and their clients, assisting them in getting approved for loans. Divorce attorneys have lending professionals pre-screen their clients to determine whether they will be able to qualify for a new mortgage. This helps the person getting divorced determine how to settle the financial aspects of their divorce case.
Divorcing couples who need new mortgage financing have been affected by the economic turbulence of the COVID-19 crisis, and there is no way to know when that will end.
If you are at any stage of the divorce process and contemplating the purchase of real property, seek out an experienced divorce attorney who works closely with a certified divorce mortgage professional. He or she can help maximize your opportunities for purchasing a new property regardless of the times in which we live.