Alton, NY Divorce Buyout in New York
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 New York, 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 NY
| Alton, New York News |
Agriculture chief to tour damaged upstate orchards
ALTON, N.Y. -- The state agriculture commissioner will survey hail damage suffered by upstate orchards when severe thunderstorms rolled across the region earlier this week.
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Lansing Town Talk: Couple celebrates 48 years together in Lansing
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Your Northern Westchester Express community news
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FARMING: Area family receives recognition for service to grape industry
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Commuting Concerns / Trouble spots for the upcoming week
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City of Lockport: Rental registry looks likely
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Four teens charged with 6 robberies in Greece
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Lansing Town Talk: Locals save Haitians from meals of mud
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City seeks assurances store won't offer X-rated movies
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BLOTTER: Police reports published March 11
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Speed limits spark dispute in Webster
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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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