UPSIDE DOWN, UNDER WATER- OPTIONS FOR HOMES WITH NO EQUITY IN DIVORCE

Sinking in Sunrise? Under water in Weston? Homeless (almost) in Hollywood? Upside down in Davie? Whether you’re in Plantation, Parkland, or Pompano; Cooper City, Ft. Lauderdale or Sunshine Ranches, no neighborhood is immune from the devastated housing market. When it comes to divorce, often the most difficult question is how to equitably divide the marital home when the home has no equity!

How times have changed when it comes to resolving the issue of the marital home in a divorce.

- Fourteen years ago, when a couple purchased a home a few years before the divorce, frequently they waived having an appraisal of the house, because they presumed the house was worth what they paid for it.

- Eight years ago, an appraisal done at the beginning of the divorce case became worthless a week later as prices spiraled out of control.

- Today, those former spouses who refinanced or took a second mortgage to buy out their spouse are, most likely upside down, owing significantly more on the home than the value of the property.

So what options do couples divorcing today have when they owe more than the home is worth, commonly referred to as the property being “upside down” or “under water”? There is not a “one answer fits all” solution if, in fact there, is a true solution to this dilemma. If you owe more than, for example, 150 percent of the value of the home, and have already fallen behind on your mortgage payments, there may be no viable economic solution.

On the other hand, even if the mortgage loan exceeds the value of the home, your mortgage payments may be more manageable (i.e.: less expensive) than leaving the home and renting a comparable property. In this case, it may make sense to stay in the home. In other cases certain government backed programs exist whereby, if the homeowners meets certain specific criteria, they may qualify for these refinancing programs where a portion of the principal and arrears and added to the back end of the loan.

I recently learned of another innovative alternative program whereby homeowners may obtain a refinancing of their mortgage for 125 percent of the property value. In order to qualify the original loan must have been a Fannie Mae or Freddie Mac loan with the original principal no greater than $417,000. Although the rates may be slightly higher than conventional loans, if you qualify, it may be a great way to turn right-side-up, and allow a divorcing family an alternative to losing the family home.

The Law Office of Cindy S. Vova, P.A. offers creative and innovative solutions to the upside down property. To find out more about property division in a divorce, please feel free to call our office at 954-316-3496, visit our website at www.vovalaw.com., or email us at info@vovalaw.com.

For more information about this 125% financing, contact Anita Todras at WCS Lending, LLC, 951 Yamato Road Suite 150, Boca Raton, Florida 33431, ATodras@WCSLending.com, 561.864.2417.

WHAT YOU NEED TO FIND A GOOD DIVORCE LAWYER

A divorce is likely one of the most traumatic events anyone goes through in their lifetime.  For this reason, it is extremely important to obtain a lawyer who knowledgeable and compassionate.  There are several things you can look for to ensure that you find the right divorce lawyer.

 

First, look for an attorney who concentrate in divorce law and who has been practicing divorce law for a lengthy period of time.  Lawyers who concentrate in a particular field are generally more experienced and knowledgeable in that particular field of law.  Similarly, the longer the lawyer has been practicing, the more knowledge and experience in that field the lawyer has.  Also, the longer the lawyer has been practicing divorce law, the more likely that lawyer is to know the judges and how the judges feel about certain issues that arise in family law.  This information can be invaluable in deciding whether to settle a case or proceed to trial.   

 

Second, look for an attorney who is successful inside the courtroom and outside the courtroom.  An overly aggressive attorney who is unable to settle cases without court intervention can become a costly venture.  It is important to find an attorney who has tried many family law cases before a judge; but it is just as important that the attorney is able to settle cases without a trial.

 

Third, make sure you are comfortable with your attorney.  You need to be able to talk to your attorney.  You will have to divulge confidential and personal information to your attorney.  This is easier to do if you feel comfortable with your attorney.  An attorney and a client need to have a good rapport. 

 

Here at the Law Office of Cindy S. Vova, P.A., with over 28 years of collective experience, we meet or exceed your expectations on each of the three points above.  Call us at 954-316-3496 or contact us through our website www.vovalaw.com to learn more.

 

Finding a good divorce lawyer is the first step to getting through the difficult process of divorce.  By looking for these three things in a lawyer, you will be on your way to finding the lawyer that is right for you.

 

Cindy S. Vova, PA

Labor Day and The Law

Labor Day passed, the kids are all back in school, and the chaos you call “family life” continues in full swing.  In my office, the matter we call “family law” is part of our daily routine.

In my office, however, every client is treated specially because at the Law Office of Cindy S. Vova, P.A. we realize that each client’s situation is unique.  Our clients deserve our care and concern.  Whether we deal with Sam’s divorce in Sunrise, Paul’s paternity case in Plantation, Wendy’s alimony case in Weston, Carla’s child support in Cooper City or Daniel’s relocation case in Davie, our aim is to get our client through his or her case as expeditiously and cost effectively as possible. 

 

          In the future, my discussions will cover various issues involved in family law beyond those that the court addresses.  My goal is to give you an insight into what you can expect  if you are involved in a family law case, and how you can help steer your destiny with sound and informed decisions.

 

         Whether you live in Broward County, Miami-Dade County, Palm Beach county or beyond, Florida family law is our backyard.