WestCoast Media
  • Local Events
    • Chino Events
    • Chino Hills Events
    • Corona Events
    • Diamond Bar Events
    • Eastvale Events
    • Orange County Events
    • Rancho Cucamonga Events
  • Beauty & Health
    • Eat, Drink, and Be Responsibly Merry
      more
      View more

      Eat, Drink, and Be Responsibly Merry

      7 months ago
    • Eating Under the Influence
      more
      View more

      Eating Under the Influence

      8 months ago
    • There’s Nothing Wrong with Wanting to Get Away
      more
      View more

      There’s Nothing Wrong with Wanting to Get Away

      9 months ago
    • Silence Anyone?
      more
      View more

      Silence Anyone?

      9 months ago
    • How Does Diagnostic Imaging Factor into Breast Cancer Screening?
      more
      View more

      How Does Diagnostic Imaging Factor into Breast Cancer Screening?

      9 months ago
  • Home
    • Simple Checklist for Hosts and Guests!
      more
      View more

      Simple Checklist for Hosts and Guests!

      7 months ago
    • International Holiday Side Dishes
      more
      View more

      International Holiday Side Dishes

      7 months ago
    • Creating a Better Guest Room
      more
      View more

      Creating a Better Guest Room

      8 months ago
    • Liven Up Your Annual Gatherings
      more
      View more

      Liven Up Your Annual Gatherings

      8 months ago
    • The Perfect Soirée
      more
      View more

      The Perfect Soirée

      8 months ago
  • Family
    • How to Get Kids In the Holiday Spirit
      more
      View more

      How to Get Kids In the Holiday Spirit

      6 months ago
    • How to Create Memorable Holidays for Your Children
      more
      View more

      How to Create Memorable Holidays for Your Children

      8 months ago
    • 25 Ways to Keep the Magic of Christmas Alive
      more
      View more

      25 Ways to Keep the Magic of Christmas Alive

      9 months ago
    • Dear Doctor…
      more
      View more

      Dear Doctor…

      9 months ago
    • Teaching Your Children to Find Contentment in a Culture of Comparison
      more
      View more

      Teaching Your Children to Find Contentment in a Culture of Comparison

      1 year ago
  • Lifestyle
  • Business & Finance
    • Why Ownership Matters
      more
      View more

      Why Ownership Matters

      1 year ago
    • Funny Money, Along with Pocket Change
      more
      View more

      Funny Money, Along with Pocket Change

      1 year ago
    • Is It OK for You to Be More Successful?
      more
      View more

      Is It OK for You to Be More Successful?

      2 years ago
    • Don’t Believe Me? Just Watch!
      more
      View more

      Don’t Believe Me? Just Watch!

      2 years ago
    • New Year’s Resolutions for Your Estate Plan
      more
      View more

      New Year’s Resolutions for Your Estate Plan

      2 years ago
  • Auto & Insurance
  • Spotlight
    • American Spirit
    • Mamalog
    • Head to Toe Trends
    • Carrying on Kennedy’s Voice
    • Get Local
    • IPittytheBull
  • About Us
    • Media Kit
    • About Us
    • Our Team
    • Testimonials
    • Contact Us
    • Distribution
  • Like Us!
  • Local Events
    • Chino Events
    • Chino Hills Events
    • Corona Events
    • Diamond Bar Events
    • Eastvale Events
    • Orange County Events
    • Rancho Cucamonga Events
  • Beauty & Health
    • Eat, Drink, and Be Responsibly Merry
      more
      View more

      Eat, Drink, and Be Responsibly Merry

      7 months ago
    • Eating Under the Influence
      more
      View more

      Eating Under the Influence

      8 months ago
    • There’s Nothing Wrong with Wanting to Get Away
      more
      View more

      There’s Nothing Wrong with Wanting to Get Away

      9 months ago
    • Silence Anyone?
      more
      View more

      Silence Anyone?

      9 months ago
    • How Does Diagnostic Imaging Factor into Breast Cancer Screening?
      more
      View more

      How Does Diagnostic Imaging Factor into Breast Cancer Screening?

      9 months ago
  • Home
    • Simple Checklist for Hosts and Guests!
      more
      View more

      Simple Checklist for Hosts and Guests!

      7 months ago
    • International Holiday Side Dishes
      more
      View more

      International Holiday Side Dishes

      7 months ago
    • Creating a Better Guest Room
      more
      View more

      Creating a Better Guest Room

      8 months ago
    • Liven Up Your Annual Gatherings
      more
      View more

      Liven Up Your Annual Gatherings

      8 months ago
    • The Perfect Soirée
      more
      View more

      The Perfect Soirée

      8 months ago
  • Family
    • How to Get Kids In the Holiday Spirit
      more
      View more

      How to Get Kids In the Holiday Spirit

      6 months ago
    • How to Create Memorable Holidays for Your Children
      more
      View more

      How to Create Memorable Holidays for Your Children

      8 months ago
    • 25 Ways to Keep the Magic of Christmas Alive
      more
      View more

      25 Ways to Keep the Magic of Christmas Alive

      9 months ago
    • Dear Doctor…
      more
      View more

      Dear Doctor…

      9 months ago
    • Teaching Your Children to Find Contentment in a Culture of Comparison
      more
      View more

      Teaching Your Children to Find Contentment in a Culture of Comparison

      1 year ago
  • Lifestyle
  • Business & Finance
    • Why Ownership Matters
      more
      View more

      Why Ownership Matters

      1 year ago
    • Funny Money, Along with Pocket Change
      more
      View more

      Funny Money, Along with Pocket Change

      1 year ago
    • Is It OK for You to Be More Successful?
      more
      View more

      Is It OK for You to Be More Successful?

      2 years ago
    • Don’t Believe Me? Just Watch!
      more
      View more

      Don’t Believe Me? Just Watch!

      2 years ago
    • New Year’s Resolutions for Your Estate Plan
      more
      View more

      New Year’s Resolutions for Your Estate Plan

      2 years ago
  • Auto & Insurance
  • Spotlight
    • American Spirit
    • Mamalog
    • Head to Toe Trends
    • Carrying on Kennedy’s Voice
    • Get Local
    • IPittytheBull
  • About Us
    • Media Kit
    • About Us
    • Our Team
    • Testimonials
    • Contact Us
    • Distribution
  • Like Us!
The Great Divide
Legal Services & Advice

The Great Divide

  • WestCoast Magazines proudly serving O.C. and I.E. by WestCoast Magazines proudly serving O.C. and I.E.
  • June 4, 2019
  • 0
  • 1091

Generally speaking, the largest assets to be divided in a divorce matter are the retirement accounts and the family residence. Whether one spouse is going to buy the other spouse out of their interest in the house or the house is going to be sold, the parties to the divorce need to know the true amount of equity. That information is generally required to create a “balance sheet,” ideally to divide the estate equally between husband and wife.

Most people think determining equity is easy. All you have to do is obtain the value of the home, whether by agreement or appraisal, and then subtract the mortgage balance from the agreed upon value of the property – right? Wrong! There are many factors that come into play in determining equity. For example, there may be a tax lien or unpaid dues to a homeowners association. There could be outstanding property taxes or recorded judgments. Also, something to consider is whether or not the current mortgage was the result of a loan modification.

With a loan modification, quite often there may be an outstanding amount due that’s not included in the mortgage balance. Many people think that when they obtain their loan modification, a portion of the mortgage balance is “forgiven.” Although in some rare instances that may be true, what we’re finding more often is there’s a lien against the property for the “forgiven amount” to be paid at a later date. Another scenario I’ve seen is the forgiven amount may be forgiven but only after a certain specified time, along with the consistency of timely payments during that specified time.

So, how do you determine the true equity in a home? A detailed title report is needed and a request from the mortgage company for a loan payoff. The loan payoff, along with any liens against the property, should give you a clear picture of the true equity in the home.

Also, it’s important to remember that if both parties are borrowers on the loan, it will need to be refinanced to take the name of the person whose interest is being purchased off the loan. Would you want liability on property you no longer have control over? Certainly not.

The lesson to be learned here is do not make assumptions when determining equity in your home. Do your homework.

Pamela Edwards-Swift is a Certified Family Law Specialist

  • 0
  • 0
  • 0
  • 0
  • 0
  • 0
Reader's Favorite Articles
  • Loretta Baylos from Ontario, CA, Cervical Cancer Advocate

    Ignite the Fight Against Cervical Cancer

    • 110
    • 12734
  • teen-violence and bullying

    3 Ways to Prevent Teen Violence

    • 81
    • 11282
  • Riverside's-Mission-Inn-Festival-of-Lights

    Christmas Lights in the Inland Empire

    • 61
    • 9394
  • Digital Magazine

    • 74
    • 8635
Adversiting
lewisfamily
New On Our Facebook
Advertising

Related posts

Leave a Reply Cancel reply

You must be logged in to post a comment.

Previous Post

Hot Rods for Hospice

by Mary Parks

The Great Divide
Next Post

What Will They Say About You?

by Dr. Betty Uribe

The Great Divide
Instagram
    The user currently does not have any images...
Newsletter

Archives
Search
GET IN TOUCH

6939 Schaefer Ave., Ste D-138, Chino, CA 91710
909.390.5727 • info@wcmagazines.com

Copyright WestCoast Media. All rights reserved. www.wcmagazines.com Reproduction without permission is prohibited.