Auburn, 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
| Auburn, Michigan News |
Auburn man marks 75 years of working with bees
The sign hanging in John Bacon's front yard is simple but effective. The black and yellow "Honey" sign advertises his sweet homemade product.
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Couple grow sunflowers for bird seeds
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Businesses, commuters endure Utica construction
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State Theatre's marquee comes down to make way for new design
Friday, August 15, 2008 By PATI LALONDE plalonde@bc-times.com 894-9666 Mike Bacigalupo and his crew will be keeping a secret for the next month.
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John R closed for resurfacing
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Young thespians present 'The Lion, the Witch and the Wardrobe'
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Plymouth streets affected by Auburn asphalt work
Crews will apply a layer of asphalt to Auburn Street this morning beginning at 7 a.m. The asphalt will be very hot and residents are reminded that they should keep children and pets away from it for several ...
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Storm causes area power outages
Storms that moved through this morning knocked out power to more than 100 homes in Bay County.
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PFLAG co-founder dies
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Dow Corning Corporation's Auburn Site to Receive Star Award for...
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Chemical spill closes Rochester Road near M-59
A wreck and chemical spill has closed a section of Rochester Road near M-59 in Rochester Hills this morning.
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Dow Corning Corporation's Auburn Site to Receive Star Award for...
July 21, 2008 - Dow Corning Corporation's Auburn Site will receive the Star Award, the state's highest workplace safety and health award, from the Michigan Occupational Safety and Health Administration , at a ...
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Next up on Saturday: 1960s rockers Iron Butterfly
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Rock-N-Wheels moves show to downtown Bay City this weekend
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Flood control
Press columnist Tom Rademacher writes about how you can catch a ride on this 1929 Ford Tri-Motor today and Wednesday.
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Making the Rounds Hard-driving country band picks up plenty of summer gigs
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Cornfest entertains with rides, music and, of course, corn on the cob
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Wet June Means More Mosquitoes In July
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Unicycle ride from Midland to Bay City raises $1,500 for church
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Short Window, Long to-do List
There is a disagreement over whether 10-cent recycling charge should be expanded to non-carbonated beverages.
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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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"Every other company said they could not help us. After speaking to about five companies, we really believed that no one could. Then we called Somerset, and your company proved us and those other companies wrong. We can't thank you enough for all your hard work and effort in getting us a low fixed rate. We can now breathe easier..." - L. Braun
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