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Reverse Mortgage
Divorce Buyouts
Debt Consolidation
Home Improvement
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Farmington Falls, ME Divorce Buyout in Maine
Since 1979 Somerset Investors Corp. Co. has been considered a leader in the residential mortgage lending business and is currently licensed in 26 states, including Maine, 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.
Return to divorce buyout in the state of ME
| Farmington Falls, Maine News |
Board considers warrant for special town meeting
Selectmen will review the warrant for a special town meeting at 6:30 p.m. Tuesday at the town office.
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Board rejects bus-route change
A request to change a bus route to drop off three Mallett School students at a day care on Chesterville Hill was rejected in a 4-10 vote by SAD 9 directors Tuesday.
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Town gives couple 60 days to resolve housing problem
Mobile home owners working with the town's code enforcement officer were given 60 days to reach a resolution for their dilapidated Dutch Drive residence.
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Weddings: 391, and counting
John Tolman is the marrying kind. As a Baptist pastor, he's married 391 couples.
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Franklin County arrest log
The following arrests were recently logged at Franklin County Detention Center: Ryan A. Brann, 29, Farmington Falls, theft, May 1, $3,000 unsecured provided for court appearance on June 18, Farmington Police ... via Sun-Journal
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"I prayed day and night for a miracle...In less than a week, (Somerset) was able to stop the foreclosure and get a new mortgage for me. It was the best of times...I have Somerset Mortgage Lenders to thank until eternity for the miracle they were able to make come true." - Diane B.
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