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Lockport, 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.

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Lockport, New York News
Audit: Inaccurate Budgeting Could Have Saved Lockport Taxpayers

An audit by New York State Comptroller Thomas P. DiNapoli discovered a $9.4 million surplus for the Lockport Central School District.


Town of Lockport: Wal-Mart decision expected by April

A state court should rule in the case of Lockport Smart Growth versus the town and Wal-Mart by April.


Town of Tonawanda: Man faces animal abuse charges

A Town of Tonawanda man has been charged with felony aggravated cruelty to animals after allegedly kicking his girlfriend's 10-month-old shih tzu puppy to death.


LEGISLATURE: Barely a whimper on budget

Tuesday's public hearing on Niagara County's tentative 2009 budget was a lightly attended affair.


Housing Court: Arrest warrants issued for no-shows on minor maintenance citations

Arrest warrants were issued Tuesday for eight property owners who didn't appear for arraignment on minor property maintenance citations in Lockport City Court.


Human Services: Lockport Cares receives donation

As the economy slides downward, the number of people in need goes up dramatically.


LOCKPORT: Local soup kitchen operates with new oven.

The Sister Mary Loretto Memorial Soup Kitchen at the Lockport Salvation Army is cooking.


SCHOOLS: Districts avoid mid-year aid cutback but receive warning for 2009

School districts received a warning from Gov. David Paterson after he withdrew his proposal to cut $836 million of the expected growth in state aid to schools during the current school year.


Lockport man charged with DWI

TOWN OF LOCKPORT ... A 22-year-old man was arrested on charges of driving while intoxicated early Thursday morning on Day Road.


Lockport drug dealer sentenced to 18 months

Drug dealer Henry L. Banks was sentenced to 18 months in prison Tuesday by Niagara County Judge Sara Sheldon Sperrazza.


City of Lockport: Mortgage company fined over housing violations

A mortgage company that disposed of a dilapidated Harvey Avenue house will pay a fine to satisfy charges it neglected the house while it still held the title.


Delay looms for parking garage, park in Lockport

The city's new parking garage will be paired with a park containing terraced steps to an Erie Canal overlook and perhaps an elevator down to the canal, city officials decided last week.


City of Lockport: Police say car pulled from canal was reported stolen

The 2000 Pontiac Grand Prix that was pulled from the Erie Canal on Monday afternoon was painted white - but it was hard to tell its color beneath all the dirt and muck.


City of Lockport: Art lovers welcome to 'Off the Wall' holiday show

SPECIAL TO THE US&J The Market Street Art Center's second annual "Off the Wall" Holiday Art Show starts Saturday at the center, 247 Market St.


Town of Lockport: Town eyeing flat-rate hike for all sewer users

The town board will consider a higher base sewer rate on all properties and addition of a water use charge on certain residential sewer users.


BLOTTER: Police reports published Nov. 22

City of Lockport * SHOPLIFTING: Jermaine R. Webster, 28, 101 Vine St., lower, was charged Thursday afternoon with petit larceny.


Lockport High School: Attendance low at capital project info session

The auditorium that could have some major work done on it was pretty empty Wednesday night for an informational meeting about the proposed improvement plan for Lockport High School.


COURT: Massage parlor owner sentenced

The owner of four massage parlors that were shut down last year as part of a federal prostitution sting will serve six years in prison for her part in a sex trafficking operation.


City of Lockport: 'Tis the season for Holiday Gift Show at Kenan

Add "shop at the mansion" to your holiday to-do list. The 28th annual Holiday Gift Show at Kenan House and grounds will be held Friday through Sunday.


Botched robbery in Lockport leads to arrest

A city man was charged with armed robbery early today after he tried to rob the owner of Timkey Limousine and car service just after midnight, police said.


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"...I was sure that Somerset was the right choice...they couldn't have been more compassionate or understanding...I just couldn't believe that this all happened within a week...Thanks to my loan officer and all the rest of those great people at Somerset, my family will be able to stay in the only home they have known for some time, without fear of being put out." - Tom N.
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