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Augusta, GA Divorce Buyout in Georgia

Since 1979 Somerset Mortgage Lenders Co. has been considered a leader in the residential mortgage lending business and is currently licensed in 26 states, including Georgia, offering its expertise in many of the circumstances that life brings to many homeowners.   In most cases Somerset has been able to provide lower payments for the spouse remaining while giving large cash outs to the other. Our Divorce Buyout Loan Specialists work with you to determine how much of a loan you need and what it will cost to refinance.Following is an example of how Divorce Buyout works:

Example: John and Jane own a house valued at $500,000, with a mortgage (or mortgages) that total $300,000.  If you subtract the value from the total loan about ($500,000 - $300,000) you get the equity of the house, in this case $200,000.  If John and Jane split their assets 50-50, each have $100,000 equity in the house.  Therefore, if John wishes to keep the house, he would need to refinance the mortgage(s) with a total loan amount of $400,000 and use the remaining $100,000 to buy out his spouse.

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Augusta, Georgia News
Augusta braces for hurricane evacuees

By Steve Kuzj skuzj@nbcaugusta.com Story Published: Sep 3, 2008 at 9:50 PM EDT Story Updated: Sep 3, 2008 at 9:50 PM EDT Wednesday morning, the Augusta Fire Department was busy programming traffic signs to ...


North Augusta loses one of its most precious landmarks

Firefighters battled flames at The Palmetto House at Seven Gables on Georgia Avenue for hours Thursday night.


Churches address election issues

Each Sunday evening through September, members of First Baptist Church of North Augusta will gather for prayer.


LPGA backs down on English requirement

Friday, September 05, 2008 1:09 p.m. Last Updated: Friday, September 5, 2008 1:29 p.m. ST.


MCG plans to cut 7 percent from budget

Medical College of Georgia will weather budget cuts without layoffs and a hiring freeze and still expand across the state, President Daniel W. Rahn promised Thursday.


Fire destroys historic hotel in North Augusta

The Palmetto House at 7 Gables in North Augusta burned to the ground late Thursday night.


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A woman who's been on the run for two years is now in the Richmond County jail. Richmond County's Vice division and Crime Suppression team arrested Tonjala Freeney for a kidnapping that happened in 2006.


Augusta Web company helps with hurricane tracking and communication nationwide

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Overnight Shooting Leaves One Man with Injuries

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Several Families Left Homeless After Augusta Apartment Complex Fire

Several families are left with out a home. A Thursday night apartment fire in Augusta consumed the Merrick Place Apartments.


Augusta woman focuses on life after Katrina

By Ashley Campbell acampbell@nbcaugusta.com Story Published: Aug 29, 2008 at 7:37 PM EDT Story Updated: Aug 29, 2008 at 7:37 PM EDT The city of New Orleans marked the third anniversary of Hurricane Katrina ...


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At least eight families are homeless after a Thursday night apartment complex fire in Augusta.


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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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