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Divorce Buyouts
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Highland Lake, NY Divorce Buyout in New York
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 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
| Highland Lake, New York News |
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One dead in Sullivan County fire
There is one fatality reported in a fire that broke out at the Hickory Haven Lodge at about 8 a.m. on Tuesday.
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Birth, death and milestones in between
Tannis Kowalchuk is back. The last time Kowalchuk, co-artistic director and one of the leading lights of the NACL Theatre, appeared on stage, was late February in Colgate, NY, in the company's production of ...
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Arts & Leisure
'The Garden of Earthly Delights,' by David Tinsley, will be one of the works on display at the exhibition of his work opening at River Gallery-The Art of Living in Narrowsburg, NY on Saturday, October 4. ...
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A Cigar Encounter of a Third Kind
Most of my interaction involving cigars goes in one of two possible directions: I encounter people who either love and want to have a smoke or people who hate them and want me to put mine out.
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NACL Theatre offers summer workshop for teens
NACL Theatre in Highland Lake, will hold a Teen Summer Workshop July 21-25. The hours are 10 a.m.-5 p.m. and the registration fee is $325 and includes lunch. via RecordOnline.com
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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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