Somerset Mortgage Lenders Mortgage Refinance, Reverse Mortage, Home Loan
  Reverse Mortgage Divorce Buyouts Debt Consolidation Home Improvement Purchase Refinance
Search Somerset:
Print this page    E-mail this page

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.

Local divorce buyout directory for MI :
Painesdale Pentwater Pinconning Port Huron
Palmer Perkins Pittsford Port Sanilac
Palms Perrinton Plainwell Portage
Palmyra Perronville Pleasant Lake Portland
Palo Perry Pleasant Ridge Posen
Paradise Petersburg Plymouth Potterville
Paris Petoskey Pointe Aux Pins Powers
Parma Pewamo Pompeii Prescott
Paw Paw Pickford Pontiac Presque Isle
Peck Pierson Port Austin Prudenville
Pelkie Pigeon Port Hope Pullman
Pellston Pinckney

Return to our divorce buyout page

Bad Credit? click here.

Call for COMPLETE details NOW!

(800) 675-9783

Michigan News
Granholm announces $658 million in investments

Michigan's top tourist attraction could be getting a rival _ another Cabela's. The state's first Cabela's Inc.

: Michigan trooper shoots python

PORT SHELDON TOWNSHIP, Mich. - A Michigan State Police trooper fatally shot a nearly 7-foot long Burmese python that slithered onto a road and was spotted lunging at a passing pickup truck.

Former Mich. teacher accused of sex with boy, 12 - AP

Authorities accuse a former Michigan elementary school teacher of having sex with a 12-year-old boy she was tutoring at her home.

Possible Obama veep choice speaks to Mich. women

A governor mentioned as a possible running mate for Barack Obama is promoting the Democratic presidential candidate to Michigan women.

Article Comments

On the surface, a two hour meeting with businessmen, scientists and a power point presentation hardly seems exciting.

Michigan GOP lawmakers call for action on gas prices

Some Republican members of Michigan's congressional delegation are back in Washington today calling on House Speaker Nancy Pelosi - again - to bring Congress back to do something about high gas prices.

Two Pontiac, Mich., men faces charges in mid-Michigan theft ring

State investigators have identified five more suspects in a theft ring that left a trail of victims through much of mid-Michigan. Troopers from the Bay City Post, who have jailed two suspects, are leading the ...

Gas inches upward as oil stays steady

Unleaded regular gasoline prices have climbed a penny during the past week in Michigan to average $3.87, 91.5 cents higher per gallon than last year at this time, AAA Michigan reported Monday.

Pols trade verbal jabs on summer sessions

Michigan's full-time Legislature rarely meets in summer, especially in an election year, but that hasn't stopped political games from being played over whether lawmakers should be in session.

Michigan's July Jobless Rate Unchanged; Rate Steady for Third Consecutive Month

's seasonally adjusted unemployment rate in July stayed flat at 8.5 percent, according to data released today by the Michigan Department of Labor & Economic Growth .

The king of Sweden is coming to Flint.

The king of Sweden is coming to Flint. Kettering Provost Michael Harris tells The Flint Journal that plans are under way for a ceremony featuring Gov.

Ravenna death possibly tied to 'smiley face' killing spree

In 2005, the Ravenna community scoured the area after 22-year-old Todd Geib went missing for three weeks.

Delegates may get full voting privileges

Last year, Michigan and Florida Democrats were being told they would lose all their votes at the Democratic National Convention if they moved up their presidential primaries.

Mich., Fla. soon could get full voting rights

Hide Video Michigan and Florida Democrats were told last year they would lose all their votes at the Democratic National Convention if they moved up their presidential primaries.

Michigan's nurses to get $6.5M in funding for education, training

Michigan's nurses received a much-needed boost from Governor Jennifer Granholm when she announced $6.5 million in new funding for the Michigan Nursing Corps will help expand nursing education in nursing schools ...

Continue reading "Tiny New Lothrop again tops area districts in Michigan Merit Exam"

It may be tiny, but New Lothrop High School topped all area school districts this year in most categories of the rigorous new Michigan Merit Exam.

Public can comment about treatment of farm animals in Michigan

Michigan residents will have a chance to go to Lansing later this month to weigh in on the question of how farm animals should be treated.

Michigan Green Beret accused in killing must wait

The attorney for a Green Beret accused of killing an Afghan civilian and cutting off his ear says evidence in the case is weak and that his client was the victim of bad blood among members of his Special Forces ...

Some MSU med students will train in Traverse City

Some MSU med students will train in Traverse City By Beth Loechler The Michigan State University College of Human Medicine is growing.

Baby found in Mich. with pacifier taped in mouth

An infant has been taken away from a Michigan couple after police found the 4-week-old unsecured in a car's back seat with a pacifier taped in the baby's mouth with adhesive tape.

Save time with our easy online mortgage application.
With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
"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
© 2006 Somerset Investors Corp. All rights reserved.
home | about us | Mortgage Blog | contact us | privacy policy | state licensing | search | links | link to us | site map
mortgage calculators | refinance | purchase | fha | reverse mortgage | divorce buyout | debt consolidation
Eqaul Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA)