Richmond, MI Divorce Buyout in Michigan
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 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
| Richmond, Michigan News |
Hope fades in man's search
Police said the search for a missing St. Clair Township man is now a recovery instead of a rescue mission.
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Sheriff department cuts target northern communities
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Irate pedestrian redefines road rage
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Macomb County news briefs: Old computers to be collected
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Christmas comes early
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Richmond Winter & Ice Festival
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Man charged with 2-year-old crime
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Democrats' victory trail begins in state House
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Espinoza, Pavlov lead; tight race for Accavitti, Haase
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County cuts four deputies from local area
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Water main break halts city hall activity
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Communities, schools team up for safe Halloween
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Pedestrian victim taken to hospital
Mark Dedenbach of the Sheriff Department. He said alcohol is not involved and speed is not a factor.
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Macomb County votes to slash 4 of 9 deputies in north suburbs
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Coalition breaks down results of Romeo survey
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Our choices for Macomb County Commissioners
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Animals seized in Memphis
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Cardinal Mooney, Richmond eliminated in soccer finals
The Marine City Cardinal Mooney and Richmond boys soccer teams had trouble generating offense Friday in district championship matches.
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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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"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
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