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Alamo, IN Divorce Buyout in Indiana

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 Indiana, 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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Alamo, Indiana News
Kids keep animals in mind at Christmas

"My class is always thrilled, and the animals do benefit"

Some Southeast Fountain Elementary School students in Veedersburg, Ind., gave up the traditional gift exchange to help animals at a nearby shelter. via The Commercial-News, Danville, IL


Woman escapes fire with no injuries

"We set up a water shuttle at the intersection of (County Road) 675 and 400 S. We just couldn't get more than one tanker back there at a time."

A rural Alamo woman escaped serious injury when a fire destroyed her mobile home and severely damaged an adjoining cabin Wednesday evening. via The Journal Review


Waynetown, Darlington approve 1 percent tax rate

Waynetown and Darlington each approved raising the local option income tax for Montgomery County to 1 percent Monday night. via The Journal Review


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