It’s sort of a love/hate thing with mortgages in Florida. The hate part is because it can be tough on people who don’t listen to their mortgage banker; rugs get pulled out from under all the time when you’re not forthcoming about your credit history.
But ya gotta love it when all the china manages to stay on the table as the cloth gets magically whisked away…and that’s likely because you are dealing with a mortgage professional who knows how to avoid shards of broken glass.
Case in point: new mortgages and divorce situations. There have been changes over the years, but it’s still important to consider your past when looking ahead to the future.
For example, if one spouse wants to buy a home after the divorce and the existing mortgage has been assumed by the ex-spouse as a function of the divorce decree, then that existing mortgage doesn’t necessarily count against that person’s ability to obtain a new mortgage.
Meaning…it may no longer be considered a liability attached to the new mortgagor’s credit history. (If you’ve got a Liz Taylor-type of divorce history it may be tricky to chronicle the details of eight or nine decrees, but it is all part of constructing the puzzle!)
But as always…bear in mind that all lenders are different. This is just another situation where full disclosure is your ally. Even though you think you’re free from the spouse and the house, you need to let me know about your past home ownership history.
At the end of the day, it can’t hurt your mortgage chances unless you hide it. Why run the risk?