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Mortgage and divorce: Bank settlement of your cares

A mortgage is often the long haul. In the worst case it may even happen that lasts longer than the marriage. And since nearly half of all marriages end in divorce, the question becomes, what do you do in such a moment with a mortgage.

There is an erroneous assumption that if divorce settlement from mortgages automatically disengaged the spouse who assumed the mortgage. For the bank, however, is not mandatory divorce settlement. A man may, for example, with an average income to cope financially nutritious and a new family with a new mortgage?

Nourishing reduced creditworthiness

The divorce is often related to the obligation to pay child support. Taking into account the man who is divorced, pay alimony, and has a new family, his bank in case of a new mortgage application in addition to the standard cost of a person in his current home of course be credited to the severity and nutritious. "In terms of creditworthiness is doing therefore worse. It depends, however, on the income of the entire household. If a new partner income, get a new mortgage may not be a problem. But if the home with the child, the situation is more complicated, "says Jan Kruntorád, chairman of Gepard Finance. If a man is divorced and has a new family, a bank he of course will be counted pay alimony to the detriment of creditworthiness. "In this case, it is treated as a one-person household, which in terms of standard household expenses and to people living in the household means that these costs significantly reduced, "says Jan Kruntorád.

As with average income tighten a new family and a mortgage?

It is the breadwinner families with average incomes can not cope financially nutritious and a new family with a potential new mortgage? Definitely yes. Men with an average income of the paying child support from a previous marriage that commitment while declining creditworthiness, but his new wife on maternity leave can compensate for this loss of revenue must be a monetary contribution in maternity and parental benefits then. "From the perspective of the banks so the family can finally have a decent total creditworthiness. Get a mortgage at around 1.7 million, thus giving it might be real. The installment will be about 7000 crowns, so running the household is left relatively reasonable amount, "estimates Jan Kruntorád." If, however, to add even more unsettled mortgage from the previous volume, then the situation is much more complicated, "says Jan Kruntorád that s average income, existing mortgage, nutritious and a new family can be very difficult to think of a new mortgage - at least until it settles the original commitment.

The bank you may not even opt out of the mortgage, even if the partner takes over mortgage

When the couple divorced, the settlement of assets and liabilities. If you have, for example, be jointly financed by a mortgage, they are usually agree that one of them will leave the apartment and thus a second mortgage as somehow aligned. Agree with the majority that the court in terms of mutual settlements. "Here, however, often appear a crucial mistake. Clients of banks believe that when one of them left the apartment and take over the mortgage, then the other is automatically no longer has any commitment. But this is nonsense, "warns Jan Kruntorád. The Bank is a co-debtor must first break free of the loan, which is granted only if the other spouse proves that he has creditworthiness sufficient to repay the loan. "If one spouse is not able to demonstrate sufficient creditworthiness, and Bank of the other spouse on the loan exported. Thus although the settlement agreement property sanctified by the court, including that one of them takes a loan, not in relation to bank any weight. The Bank is not bound by, and I should add that it's right, "says Jan Kruntorád.

Source: tz

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