Allouez, MI Divorce Buyout in Michigan
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 Michigan, 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 MI
| Allouez, Michigan News |
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Jukuri, Paul Reuben 'Gil'
Paul Reuben 'Gil' Jukuri, Jackson, Mich., 92, formerly of Westland and Detroit, died June 15, 2008.
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' Public input is wanted on a continuing plan to remediate environmental damage done to the Eagle River watershed.
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Vietnam veteran finally gets hero's.....
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Mary Bigando
Mary Bigando, age 96, passed away on Saturday, March 7, 2008 at Cypress Manor Nursing Home. via The Daily Mining Gazette
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Marilyn Carlson
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Medallion unveiled
"You, who are brighter than the sun, have mercy." Support the Fort, Inc invites the public to the unveiling of the reproduction of the 1730's religious medallion found at the archaeological site of Fort St. via Niles Daily Star
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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 was sure that Somerset was the right choice...they couldn't have been more compassionate or understanding...I just couldn't believe that this all happened within a week...Thanks to my loan officer and all the rest of those great people at Somerset, my family will be able to stay in the only home they have known for some time, without fear of being put out." - Tom N.
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