April 06, 2013 (Press-News.org) During the process of divorce, many families need to decide what to do with the marital home. If the house can be sold, the mortgage paid off, and any remaining proceeds divided between the parties, not necessarily equally, that may be the best solution.
Frequently, one member of the couple wishes to stay in the house and continue to pay the mortgage after the divorce. The problem is that if both members of the couple have signed the note and mortgage, they are both liable. The spouse who does not stay in the house will have an exceedingly difficult time obtaining a new mortgage for a new house. Therefore, a good solution is that the spouse who is in the house will refinance it to pay off the existing mortgage and get a new loan in his or her own name.
Currently, in April of 2013, mortgage rates are very low and frequently the mortgage rate of interest on the existing mortgage is higher. Therefore, a refinance will also lower the monthly payment.
Sometimes, the house is worth less than the amount of the mortgage against it. In this case, it is impossible to refinance the house. Usually one spouse wishes to leave the house and suggest bankruptcy. However, the other spouse wishes to keep the house.
In this situation, consulting with a divorce lawyer and a bankruptcy lawyer is a very good idea. Perhaps a bankruptcy could be filed and then the loan renegotiated with the lender and put in the name of the spouse who wishes to stay in the house. If not, then financially it makes little sense for a person to stay in a house and make payments at a high interest rate on a loan that is greater than the value of the house.
Several years ago, the easy solution to a divorce case was to sell the house, pay the bills, and split what is left. With houses now frequently worth less than the mortgage balance against them that solution no longer works. Consultations with a knowledgeable divorce lawyer and a bankruptcy lawyer can frequently come up with a good solution for the couple.
Article provided by Schlesinger & Strauss
Visit us at www.illinois-family-lawyer.com
Divorce Can Lead to Issues for Homeowners
When a couple going through a divorce owns a home, there are many issues that will need to be addressed when considering the division of marital property.
2013-04-06
ELSE PRESS RELEASES FROM THIS DATE:
Reversal by IRS on voluntary disclosure program causes concerns
2013-04-06
In an apparent about face, the Internal Revenue Service recently notified some offshore account holders that they do not qualify for the Offshore Voluntary Disclosure Program. The move concerns many tax professionals, because the IRS had previously approved some of the offshore bank account holders for participation in the program.
Many of the account holders informed of the disqualification had accounts with Bank Leumi. Ironically, the bank had sent letters to some account holders in late 2012 discussing the OVDP and advising account holders to contact a tax attorney ...
Dealing with credit card debt
2013-04-06
Most of us have at least one credit card. Whether we use that card for emergencies or for everyday purchases, we know that failing to pay off the card at the end of the month will result in interest being added to our account. As long as we at least pay the minimum amount each time a payment is required, the credit card issuers will generally leave us alone.
If we miss a payment for whatever reason, these companies will add extra fees to the balance that we owe. These charges can quickly get out of hand, especially if an individual is experiencing financial problems. ...
Bettina Johnson Jewelry's Luxurious Spring/Summer '13 Collection is Now Available!
2013-04-06
Bettina Johnson is pleased to announce the release of the Luxurious Spring/Summer '13 Collection. This launch includes many new high-end jewelry pieces, made with Sterling Silver, Oxidized .925 Sterling and Vermeil Gold. You can now enjoy a wide range of AAA gemstones implemented into a unique design.
In store Launch on April 06th from 12:30pm to 3:30pm at Grit+Gold in Fort Worth, TX. The new collection will be available for purchase at Grit+Gold during this time!
If you don't want to miss new up-comings make sure to subscribe to our newsletter or like us on Facebook.
Visit ...
Part-Time Businesses Add Up to Full-Time Fun for Peterborough Mompreneur
2013-04-06
Janet Irven is a single mother and former oil and gas executive who was looking for a way to strike a balance between work and being there for her 10-year-old son when she discovered the magic of being a part-time entrepreneur.
Last year she started a DVDNow Kiosks (www.DVDNowKiosks.com) business - a self-serve movie rental business that allows her to earn passive income as people rent or buy movies and games from her kiosks.
This year, she launched her TapSnap (www.tapsnap.net) business - a special event phototainment system that has revolutionized the photo booth ...
Calling all Santas! Charity Asks for Budding Santas to Get Their Trainers On!
2013-04-06
It may only be April, but budding Santas of all ages and abilities are being invited to start training for a fun run in aid of Helen & Douglas House Hospice in Oxford.
The 2 mile 2013 Santas On The Run Race in Oxford takes place on Sunday 15 December and budding santas can run, jog or walk through the streets of Oxford City in order to raise vital funds for the children's hospice.
Santas On The Run is a series of fun runs which sees national charity Children's Hospices UK and children's hospices throughout the country working together to raise awareness and vital ...
Research from Prudential Reveals Retiring Women Expect Smaller Pensions Than Men
2013-04-06
Women retiring this year expect their annual retirement incomes to be more than a third (36 per cent) lower than men's, adding up to a pension gender gap of GBP6,500, according to new research from Prudential.
This year's "Class of 2013" research, the latest in a series of annual studies conducted by Prudential since 2008, tracks the plans and expectations of people entering retirement this year. The report found that women retiring in 2013 expect average incomes of GBP11,750 per year, compared with GBP18,250 for men.
The study shows that the gender gap ...
deVere Group Consolidates its European Operations
2013-04-06
The news follows last week's announcement that the firm is launching a six-month strategic review of its global business model, in which it will analyse ongoing client and regulatory trends, to further enhance its market-leading position.
The deVere Group's chief executive, Nigel Green, says: "The European marketplace, in terms of taxation and regulation, is changing and we're committed to evolving with it in order to consistently achieve the results-driven service our clients rightly expect from the deVere Group.
"As such, we're to strategically expand ...
River dolphins use lower pitch sonar signals than marine dolphins, whales
2013-04-05
Freshwater dolphins use echolocation signals that are quieter, more low-pitched and more frequent than those used by their marine counterparts, according to research published March 27 in the open access journal PLOS ONE by Frants Havmand Jensen from Woods Hole Oceanographic Institution and colleagues.
All toothed whales use bio-sonar signals to navigate and find prey, but the echolocation signals of marine animals are better understood than those used by endangered river dolphins. In this study, the authors recorded the signals of two endangered freshwater dolphin species ...
Counting copy numbers characterizes prostate cancer
2013-04-05
Non-invasive 'liquid biopsies' can find metastatic or recurrent prostate cancer, in a low cost assay suitable for most healthcare systems, finds research published in BioMed Central's open access journal Genome Medicine. Genomic signatures of prostate cancer, isolated from plasma DNA, display abnormal copy numbers of specific areas of chromosomes. It is even possible to separate out patients who develop resistance against hormone deprivation therapy, which is the most common form of treatment in men with metastatic prostate cancer.
Prostate cancer is the most common cancer ...
Cancer checkpoint
2013-04-05
Healthy cells don't just happen. As they grow and divide, they need checks and balances to ensure they function properly while adapting to changing conditions around them.
Researchers studying a set of proteins that regulate physiology, caloric restriction and aging have discovered another important role that one of them plays. SIRT4, one of seven sirtuin proteins, is known for controlling fuel usage from its post in the mitochondria, the cell's energy source. It responds to stressful changes in the availability of nutrients for the cell.
New research reveals that SIRT4 ...
LAST 30 PRESS RELEASES:
Poorer heart health in middle age linked to increased dementia risk
Duckweed offers promise and caution as nature-based solution for rice paddy pollution
Medical evidence crucial in holding polluters accountable for harming health
Climate change and conflict pose a serious health threat, warn experts
Curb sales of SUVs to reduce harms to health and the environment, say experts
Greenness linked to fewer hospital stays for mental health conditions
Experts warn of wider health impact of tropical cyclones in a warming climate
Transforming UK eye health research by linking national data resources
First global survey highlights challenges faced by young women with advanced breast cancer
Advanced breast cancer patients living longer thanks to improvements in treatment and care
Landmark Global Decade Report reveals breakthroughs in advanced breast cancer but exposes a widening global equity gap
Island reptiles face extinction before they are even studied, warns global review
Universe's expansion 'is now slowing, not speeding up'
Nation topped goal of ‘one million more’ STEM graduates over the past decade
AI can speed antibody design to thwart novel viruses: study
The world’s highest honor in computational physics awarded to Stefano Baroni
Radiotherapy after mastectomy can be avoided, study finds
Donor kidneys perform better after machine perfusion
More than a hangover: Heavy drinking linked to earlier, more severe stroke
Heavy alcohol use linked to risk of brain bleed earlier in life
Study links heart attacks and late-onset epilepsy in older adults
Urban fungi show signs of thermal adaptation
How to identify and prevent fraudulent participants in health research
Parents' attachment style may be linked with risk of parental burnout, especially when associated with difficulty in understanding and identifying their emotions
Abnormal repetitive behaviors in mice are associated with oxidative stress
Double disadvantage hurts more than twice as much
Paradox of rotating turbulence finally tamed with world-class ‘hurricane-in-a-lab’
Brain pathway may fuel both aggression, self-harm
Study: Macrophage “bodyguard” disruptors could change breast cancer treatment by helping to overcome endocrine resistance
New study reveals southern ocean’s winter CO₂ outgassing underestimated by 40%
[Press-News.org] Divorce Can Lead to Issues for HomeownersWhen a couple going through a divorce owns a home, there are many issues that will need to be addressed when considering the division of marital property.