March 25, 2025 • 34 mins
Meet Tami Wollensak, New American Funding, VP Divorce Mortgage Specialist.
Tami is a licensed Senior Loan Officer with over 28 years of experience. She helps divorcing homeowners with the division of the marital home. Tami can work with women in all 50 states and a call to her is FREE.
Find Tami Here:
@tamiwollensakcdlp
www.takeorleavethehouse.com
Tami is a licensed Senior Loan Officer with over 28 years of experience. She helps divorcing homeowners with the division of the marital home. Tami can work with women in all 50 states and a call to her is FREE.
Find Tami Here:
@tamiwollensakcdlp
www.takeorleavethehouse.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi, I'm Wendy, and this is Divorce Doesn't Suck. I'm
talking all about the life you can live after divorce.
You'll hear regular people's stories about their divorces and how
they reinvented themselves and grew. You'll also get invaluable advice
from experts who serve in the divorce community. A little
about me. I'm a former TV producer and mom of two.
I got divorced in two thousand and eight when there
were really no outlets or platforms for me to turn to.
(00:22):
So I'm paying it forward and have created a platform
to help men and women learn that there absolutely is
a fresh, new and exciting life after divorce. Come with
me on this journey and paint your brand new blank
canvas of happily ever after divorce. This episode is brought
to in part by the Needle Kuda Law Firm guidance
that moves lives forward. Welcome to another episode of Divorce
(00:43):
Doesn't Suck. I'm Wendy Sloan and my guest today. So important,
such important information. Wish I had this when I got
divorced in two thousand and eight. Didn't know anything about this,
but now I do, and I want to share it
with all of you. A licensed Senior loan officer with
over twenty eight years of experience for passion and helping
divorcing individuals navigate the home equity solution and mortgage options
(01:05):
while going through very very challenging times because we all
want to keep the house, or we say we want
to keep the house, but what we don't know we're
going to be talking about keeping your house refinancing so
much more. Welcome to my show, Tammy, Will and Sack.
Speaker 2 (01:20):
Thank you so much, Wendy. It's such a I'm so
grateful to be here and share with your listeners all
this information because as we were discussing a little bit earlier, Yeah,
everybody wants to keep the house. That's like the main
objective for so many reasons, right emotional reasons, children being
(01:41):
in the house, and there's just a lot of moving
parts around the house. And I find it really impactful
when I talk to my clients and tell them what
keeping the house actually means, so.
Speaker 1 (02:00):
To share that with us what keeping the house? But
can you start by sharing your own personal story and
how you.
Speaker 2 (02:05):
Got all this and absolutely so. I went through a
personal divorce in twenty fifteen, and I did exactly that,
even being in lending for thirty years. You know, at
that time, I felt that keeping the house was winning something.
And I you know, went through my divorce. Luckily, we
(02:26):
did go through a very amicable divorce, and we went
through mediation and we came up with all of our agreements.
But I ended up keeping the house, and you know,
you I gave up assets and things to do that.
And then once I was sitting in the house, I
was like, oh my gosh, I'm in Illinois, and you know,
(02:47):
there's so much maintenance that goes along with a home,
such as snow removal, just things that I didn't think through,
like snow removal, yard maintenance, you know, spring cleaning up,
fall clean up. All the things that have to do
with owning a home. I had to pay for now
or try to figure out how to do. So I'm
(03:08):
out there with a snowblower and all the things, and
I was like, this is so much I couldn't even
keep I couldn't even like keep the house clean, like
I'd clean one area. And my kids were eight and
ten at the time, so I have young kids trying to,
you know, make sure that they have the life that
they're accustomed to, and I realized it was just way
(03:32):
too much for me, and I ended up selling the house.
And then you know, when you sell, down the road
and the cost of the sale and all those things
are on you. So I didn't really think through it clearly.
And then I realized once I did that, then I'm
in lending and I can help people understand what this
(03:53):
means before they sign their settlement agreement. You know, while
you're making these decisions and coming up with options, and
it seems funny even across the country, the decision for
the house a lot of times just gets pushed to
the back. You know, we'll think about that later, or
we'll decide on that later, and it should really be
(04:16):
in the forefront because a lot of times it's a
person or a couple's largest asset.
Speaker 1 (04:24):
I was going to say, that's exactly what I'm going
to say, and so why does it get pushed back?
Why does it get pushed to the back?
Speaker 2 (04:30):
I think that legal attorneys, First of all, it's not
they're lane to understand real estate. They don't understand mortgage
lending or all of the parts around real estate. So
it's really easy to just say, Okay, you know, one
person's keeping it, or they're going to sell it and
split the proceeds. That's the path of least resistance. I've
(04:53):
talked to hundreds of attorneys and they just don't really
know the impact of what they're putting in the settlement
agreements and how that person's going to carry that out
post divorce. So if one person's going to keep the
house and both are obligated on the mortgage, there needs
(05:13):
to be the other person that's leaving the home wants
to be released from the liability of that mortgage, and
so there's things that have to be done in order
for that to happen. And I was getting so many
settlement agreements post divorce saying, you know, wife's going to
keep the house and she's going to refinance within three
(05:34):
months and blah blah blah, and only to find out
she can't she can't qualify for the mortgage for the
new mortgage, or she can't assume the mortgage, or she
can't whatever they're setting themselves up for. They didn't look
at it prior to executing their settlement agreement, and then
it can cause a lot of turmoil. Right if somebody
(05:57):
thinks they're going to keep the house, and then all
of a sudden they find out they can't carry out
what they set themselves up to do, and now they
have to sell, right, because that's what it was put
in the settlement agreement. You're gonna refinance the home within
ninety days or south.
Speaker 1 (06:16):
But I'm still back on the part when you decided,
like you're in lending and you decided to keep the house.
And I think that's most of us I'm speaking for,
because we feel that we need to keep the consistency
for the kids and that it's going to be better
for the kids. But then here we are drowning ourselves
in a house that we can keep up with, Like
(06:37):
you said, the now removal or the maintenance of the house,
or if the refrigerator goes.
Speaker 2 (06:43):
Or the.
Speaker 1 (06:45):
You know whatever, all so many big things like your
air conditioning breaks, and then who's responsible for that, So
we don't realize being the magnitude of what we're getting into.
Speaker 2 (06:57):
Yeah, it was overwhelming to me, and I when I
and your kids feel that your kids are going to interpret,
you know, everything the way that you presented to them
is what I've learned, and so when I ended up
downsizing significantly, and I made it kind of an adventure
(07:21):
for my kids at you know, they were like nine
and you know, nine and eleven or whatever, like, hey,
we're going to get new rooms, We're going to decorate it.
I mean at the time, they were into whatever, you know,
nerve wars or whatever. And I really helped them understand
like that it's going to be okay. The house that
(07:43):
we moved to, we created a space for them and
that they were going to be able to see their
friends and do all the things that were important to them.
It wasn't the house. Of course, you know, they loved
the house because it was big and they had you know,
like it was, uh, you know, very safe, a safe space.
(08:06):
But you can create another safe space. And if you
create a safe space for them that they know that
they're going to be loved and cared for and protected.
That's really what a home is. It doesn't have to
be ten thousand square feet or whatever, you know exactly.
And my home with my for my kids, wherever I
was was going to be home. So it was it
(08:28):
was no they were they when we left the house.
Finally it took three years.
Speaker 1 (08:32):
Yeah, yeah, about three years they were they were so
happy it didn't matter. You know, you mee the house.
Wherever there's love, there's the house that's where it's going
to be.
Speaker 2 (08:43):
Completely agree And when it takes that stress off of
you to try to figure out how you're paying for this,
or you know that you're liquidating a lot of assets
to try to keep up with it, it's going to
create peace and you, you and then your kids are
going to feel that.
Speaker 1 (09:03):
So tell us walk us through. So people should come
seek out you or a mortgage divorce mortgage specialist, see
help before they go through the divorce. They can just
find out who you walk us through that.
Speaker 2 (09:19):
Yeah. Absolutely, I talk to people in all different stages,
but the very best, I mean I talk to people
before they've even talked to their spouse, right, because a
lot of times they're very scared about where they're going
to live and what's going to happen and how that's
going to look right, and really coming up with the
(09:41):
options and looking at it can really help empower you
through your negotiations because you're not taking a counter productive position,
you're not offering something to the other side to your
spouse that you don't want to carry out or can't
carry out. You're coming to the table with very clear
(10:02):
information about what it looks like, what you're willing to
give up, or what you're willing to do in all
instances around the real estate, and you know that's going
to empower you to be able to make a better
negotiation and a better outcome. So, yeah, so I talked
(10:23):
to people in all different stages, and the earlier the better.
But you know, if you're already kind of post divorce,
like you know, it is what it is, it's already written,
so we have to follow the agreements. But if we
can come up with options before you execute, then it's
going to make you feel more comfortable with what the
(10:45):
decisions you're making.
Speaker 1 (10:47):
And so what do we actually need to know? So
there's mortgages, your house could be refinanced. There's so many
things that go into that, and why I should keep
the house, Why should keep the house, What does it
look like if I don't keep the house, like et cetera. Yeah,
it through all that.
Speaker 2 (11:06):
The biggest thing that I tell people that they need
to understand is really what you're negotiating in a divorce
is the equity in the house and What equity means
is you take the value of your home and we'll
use really easy numbers. Let's say the value of your
home is five hundred thousand and you owe two hundred thousand. Okay,
(11:31):
so really the asset is three hundred thousand. Well, half
of it's already yours. If it's marital, it's half yours
half your spouse's. So it's one hundred and fifty and
one hundred and fifty. Right. Well, you also have to
look at who's liable on that mortgage. Are you both
on the mortgage? Is only one person on the mortgage
if your boatlet And for this conversation we'll use really
(11:54):
easy kind of scenario. Both people are on the mortgage,
there's three hundred thousand worth of equity. The person leaving
the house is going to want to be released from
liability of that mortgage. They're not going to be want
to be responsible for it from a credit standpoint, you know,
for them long term of qualifying for their own mortgage
(12:18):
down the road. Now there's things around that we can
talk about later. But so we're talking about three hundred thousand,
That three hundred thousand or one hundred and fifty that
you owe your spouse if you're going to keep the house,
can be negotiated through other assets. All of your marital
assets are going to go in a marital asset bucket.
(12:39):
We'll just call it a bucket because I think it's
a visual that people can understand, and you're going to
start dividing them and negotiating different assets. Right, So, what
we would look at is what can you qualify to
refinance that mortgage on your own with your own income,
(13:00):
your own assets, your own credit right that two hundred
thousand or one way to do it would be to
roll in the one hundred and fifty that you owe
your spouse so that you can pay them their portion. So,
now you have a three hundred and fifty thousand dollars
mortgage against a five hundred thousand dollars house. What does
(13:25):
a three three hundred and fifty thousand dollars mortgage look
like for you? What does that house payment feel like
right now? The other way that most a lot of
people across the country unless you lived under a rock
between two thousand and twenty, you know, and current times
have really good interest rates, and that is what's tying
(13:47):
people to their mortgages. And that is what's keeping people
tied to their house. They're calling it the golden handcuffs.
And the reason is because people are looking at their
mortgage payment and they have a three percent in and
they're saying, like, well, I can afford this payment, like
this is a great payment. I can't even afford to
rent for what this payment is, right, So what does
(14:11):
that mean? Now? Sometimes because of the divorce, that loan
could be considered assumable. That's the word that you want
to use. If you call your mortgage lender that you
make your payments to today, it's a loan assumption. And
what that means is you keep the current rate, you
(14:34):
keep the current payment, you keep everything the same. Okay,
here's the rabbit hole of what that is. The rabbit
hole is the lender will not tell you if you
qualify until you're divorced. They want to see your settlement agreement. Okay,
so you have to write that in your settlement agreement.
(14:56):
I'm gonna assume the mortgage and then what's going on
on with one hundred and fifty thousand that you owe
your spouse. That one hundred and fifty thousand has to
be equalized with other assets. It has to be you know,
I've seen parents swoop in with it and give a
gift or something like that. But you have to give
(15:16):
their equity portion. And now that's negotiable, Like I'm not
saying it's one hundred and fifty. It can be negotiated, right,
But let's say that it is one hundred and fifty
that cannot be rolled into a new mortgage with an assumption. Okay,
all you're doing is keeping the current terms. You're keeping
(15:37):
the current payment, you're keeping the current principal balance, and
you have to qualify and with a mortgage assumption, a
lot of times it takes sixty eight months. I've heard Chase,
like big large lenders take a very long time to
put you through this process of assuming your mortgage. And
(16:00):
there's costs. There are costs. It's not free when you
when you assume your mortgage, you have to write a
check for whatever it costs at the closing. So you
have to be prepared for all these things. It's not
a freebee. You don't just to get to keep it.
It doesn't just you know, happen. It's a process. And
(16:21):
so when and that's what I do through my planning
is I say, Okay, this is what it would look like. Now,
I can't tell you whether you can assume the mortgage
or not because I don't work for the lender. I
can tell you just from a very high level, if
you it looks like you would qualify, and if you
know they have a pros and they don't always have
(16:42):
a process for it, it's not a given that they're
going to allow the assumption. So the first question is
is my loan assumable I'm going through a divorce. They're
going to say yes or no? What are the costs
involved to doing that? What's the timeline? Knowing all of
this information up front will help you determine whether or
(17:05):
not is your spouse going to sit around and wait
six to eight months before you assume the mortgage? Maybe
not right? How is that money going to be paid out? Well,
maybe it's going to be paid out. They're going to
get more of the retirement plan. Maybe they don't want
more of the retirement plan. Maybe they want cash. Maybe
(17:26):
the only way to get cash is through a refinance
and through getting the cash through the equity and the home.
So we've said a lot right now, But let's say
that you do the refinance, and you look at that
and you're comfortable with what the new payment looks like,
and you say, yeah, that makes sense to me. I
(17:47):
could do that. I can offer that, I can tell
my spouse I can refinance the loan, give you your
one hundred and fifty thousand within thirty days of the
divorce or whatever whenever the timeline is. And that makes
sense for you, and you look at it and you say, okay,
I can't you know, go out and rent. I don't
want to move. You know, this is a good decision
(18:10):
for me. Then you know right then you know? Then
you know what the path is to creating this kind
of process for yourself. You write it all up in
your settlement agreement, your spouse agrees to it, and you
carry it out.
Speaker 1 (18:25):
That's in the that's in a really sweet way saying it.
But regardless even if it's not, you know, here you go,
this is what I want and they agree, yeah, you
know what you usually agree.
Speaker 2 (18:35):
No, but yeah, it's not gonna work like that, right,
But like.
Speaker 1 (18:38):
What powerful information to go in with? So you know,
because I think more than half we don't know this information,
We're going to talk more. We're going to talk more
about this with Tammy Wallensack. She is New America Funding
Vice President divorce mortgage specialist, like thirty over thirty years.
I want to also make a note that you are
(18:59):
in all all fifty states and you give free calls
for this. Yes, in all fifty states. I keep wanting
to say that, so everyone should reach out to Tammy.
I think this is so important. We're going to take
a quick listen for commercial from our sponsor. We're going
to come back. We're going to talk more about that,
and also property taxes, homeowner's insurance. This all gets knocked.
This all gets set up too if you were going
(19:21):
to keep the house. So these are all other things
to consider. We'll be right back facing. A divorce can
be overwhelming and stressful personally and financially. If you seek simplicity, strategy,
and direction in financial matters, financial advisor Jennifer Lee's straightforward
approach cuts to the heart of the issues, providing clear
next steps. Jennifer is both an advisor and an author.
(19:41):
Her book Squeeze the Juice, Live with Purpose, Then Leave
a Legacy offers essential principles and tools to tackle transition
with ease. It's the perfect reader friendly God for those
who feel like an ostrich when managing their finances. As
an advocate for women, Jennifer helps navigate the stress and
challenges of divorce, the loss of a spouse, and other
significant life transitions. With her team support and strategic guidance,
(20:05):
women can achieve financial clarity and perspective as they embark
on a new journey. Schedule a complimentary, no cost, no obligation,
squeeze the juice call, grab a copy of her book,
or visit modern hyphenwealth dot com Today. It's hard to
find peace of mind when you're constantly worried about your
kid's safety with a co parent who drinks. You want
to feel confident your children are safe, but you're stuck
(20:25):
wondering if your co parent is sober during their time together.
Sober Link provides a court admissible and reliable way to
prioritize your child's safety. It's an alcohol monitoring system that
allows your co parent to prove their sobriety, giving you
the peace of mind you deserve. Here's how it works.
Your co parent tests at schedule times throughout the day.
Facial recognition confirms it's really them, testing tampered detection catches
(20:46):
any attempt to cheat. Instant results are sent directly to
your phone. With Soberlink, you can focus on what matters most,
being the best parent you can be. Don't live with
uncertainty this year. Visit www dot soberlink dot com forwards
Last dds to learn more and save fifty dollars off
your device. We're back with Tammy Wallensack, New America Funding
Vice President, divorce mortgage specialist. Go speak to her or
(21:08):
divorce specialist if you're going through divorce before you're going
through divorce, so you can find out. Because we all
the biggest asset most of us have is the house.
So there's so many things that we need to consider
if we're going to keep the house, or if we're
going to give the house to our spouse, or if
we're going to sell the both of us are going
to sell the house and take the money the sales
from that, So property taxes, homeowners insurance, all this comes
(21:32):
with keeping the house.
Speaker 2 (21:34):
Yeah. The other thing that I try to bring to
people's awareness is the cost of the sale of a home.
Right like you if you sell a home and split
the proceeds and we'll talk about the taxes and insurance
also very important. But if you sell a house and
(21:55):
split the proceeds of a house, there's costs involved, right, Wendy,
Like across the country, you know, I usually say across
the country, it ranges from seven to ten percent. And
that's by the time you hire an agent to list,
do all the things, pay all the transfer taxes, do
all the stuff. Right. So if we use that that
(22:17):
you know, five hundred thousand dollars example that we're using,
it's going to cost around on the low end, thirty
five thousand dollars to sell that house. Right that comes
right off the top. Well, you split that cost with
your spouse if you do it through this process of
the divorce, right, and then you get the proceeds, you
(22:38):
split the proceeds, and then you take that And here's
something other another thing that I like to tell people
because this is really powerful information to helping people understand
if they do decide to do that because of the divorce.
You qualify again as a first time home buyer if
(23:00):
you meet the parameters of there's income limitations, right, but
you can put as little as three percent down on
something new for yourself if you qualify from an income standpoint,
So that might be a way, especially as a single mom,
to downsize, buy something new, take a portion of the
(23:21):
proceeds that you've received, put it as a down payment
on something new, create a new mortgage payment for yourself,
and still potentially have money sitting maybe in a high
yield savings account or somewhere that you have access to cash.
Right I feel as a single mom, and I don't
(23:42):
know how you feel about this, Wendy, but cash is
king when you have kids. You want to have access
to it in case something happens. Have an emergency fund,
you know, like having the ability to pay for something
that comes up unexpectedly, even in a house. You know,
So that that might be a way. So I go
(24:05):
back to the taxes and insurance. Those things are are
moving targets too. You know, you might might have insurance
with your spouse now that's bundled together with multiple cars.
You know, it might been might have been underwritten on
your spouse's credit, you know, and all that stuff gets
(24:26):
relooked at when you keep the house and you need
to go get new insurance, it might be a completely
different rate than what you have with your spouse. And
then taxes are also you know, taxes go up, and
property taxes aren't just a static thing. They go up
(24:48):
as time goes and in the years go, so that's
also something. And with a new mortgage, we roll all
that into your new mortgage payment most of the time,
so you know, you'll be able to see what that
new payment looks like, including your taxes and your insurance.
Speaker 1 (25:09):
This is such important information. It's I mean, I'm going
way way back from my divorce. Wish I would have
known all this, because I probably would have chosen not
to keep the house back then.
Speaker 2 (25:22):
I have a lot of people that are just like,
oh wow.
Speaker 1 (25:25):
Yeah, no, I really knew this.
Speaker 2 (25:28):
And then you can start, you know, kind of processing, Okay,
what does it look like to not keep the house?
What does that look like for me? Where am I
going to go? Start looking at new properties? And you know,
it's funny, Wendy that a lot of times people want
to keep the house and they look at it. I did,
(25:50):
like I said, kept the house, and then you sit
in this house and you're like, why did I do this?
Like all the memories of the house, like we were
a big party. Plant know, we had a lot of
parties and stuff, like I wasn't friends with half of
those people anymore through my divorce, So you have all
these memories that may be good and maybe not so good.
(26:11):
You know, a fresh start sometimes is a good thing too,
So you know, but.
Speaker 1 (26:17):
It's interesting because you you do this for a living,
but yet you chose to keep the house. Yeah, it's
it's it's interesting. And property taxes, homeowners insurance, all those
things added up, and then the real estate you get,
you get a real estate broker and you have to
pay their percentage of that too. So many things go into.
Speaker 2 (26:36):
This, right, yeah, right, So it's not it's not a
it's not something that's should be a flippant answer. It
should be one of the things that you truly, you know,
work through and look at and from a financial perspective.
And if you're not comfortable with that, and this is
very common, there's no shame around this. But in a marriage,
(26:59):
you and conquer, right, and a lot of times one
person hasn't been involved in the finances. So even being
even talking about mortgages and stuff stresses people out, Like,
oh my god, I've never I just had papers put
in front of me and I just signed them, right, right,
(27:19):
So I try to break that down for people in
very easy terms and try to really help people understand
what they're signing up for, what their options are, looking
at interest rates, looking at all these different things and
educating right, like, what does your post divorce budget need
(27:42):
to be super important? What are the utilities of the house?
Speaker 1 (27:48):
Right?
Speaker 2 (27:49):
What do you have to pay every month? What are
your new you know, what are the what's your lifestyle
going to be live post divorced? Do you want to
just sit in a big house and not be able
to go to or have to tell your kids know
all the time because you can't afford to do any
activities or can't afford to put them in sports or
whatever that they're used to being in because you can't
(28:10):
afford it.
Speaker 1 (28:11):
Right, It's all scary stuff. But when you have all
this information, it's so it's so much more light is
brought into you kind of like know where you're at
instead of, you know, all of a sudden finding out Gosh,
I shouldn't have kept the house or I should have
sold that. It's just so many, so many things go
into this, and when people come to you and they've
(28:33):
already decided like, oh, but this is what I this
is my next question. What are the mortgage rates now?
Are they crazy still?
Speaker 2 (28:40):
So mortgage rates, a lot of people like to say
they're crazy, And here's why they say they're crazy, Wendy,
is because over the pandemic rates, we're in an unprecedented low.
Like I said, unless you're under rock, you really either
bought a house at that rate or refinanced into that rate.
And people have like around a three percent sometimes sub
(29:03):
three percent interest rate, and so rates right now are
probably inching towards like the high six is, low sevens,
depending on your situation. So that feels very daunting to
go from three to seven. But a lot of times
you can look at what the new payment is and
(29:25):
you need to look at it against what rent would be. Right,
maybe a seven percent interest rate is higher, but because
you are reamortizing the loan, and what that means is
you're stretching it back out to thirty years, maybe that
payment isn't so it's not like double maybe right, or
(29:49):
maybe there's maybe you were on a fifteen year term.
Maybe you took advantage of a fifteen year loan, you know,
in twenty twenty or twenty twenty one, so you're ortization
is over fifteen years, and now when you stretch it
over thirty it doesn't move that much. Maybe it's higher,
but enough that it's palatable, right that you can handle it. Regardless,
(30:14):
looking at it and seeing it in black and white
and what the numbers look like will help you determine
if it's yes or no. Right, does this make sense
or does this not make sense?
Speaker 1 (30:27):
Right?
Speaker 2 (30:28):
Right?
Speaker 1 (30:29):
Especially being your probably everyone's biggest asset. This is where
the bulk of your money is going to come from
the divorce. So you really need to look at this
very very very closely. Yeah, everyone needs to contact to you, Tammy.
I mean, thank you and the fact that you can
do this and all you can talk to anyone in
fifty states.
Speaker 2 (30:48):
Yeah, talk to people all over. I actually get people
they talk to want to talk to me from Europe
and I'm like, I don't know the lending laws in Europe.
But yeah, it's just regardless of where you are in
the world. I mean, this is one of your biggest
assets and you really need to know what that means
(31:08):
and combining there's a big gap between family law and
mortgage lending and real estate, and just understand that your
attorney is not going to guide you. Your attorney does
not know. Your attorney is not going to be able
to give you the guidance that you need. You need
to seek this information on your own and make sure
(31:29):
that you empower yourself to make the very best financial
decision for you. That's it for you, right, And what
your post divorce life looks.
Speaker 1 (31:39):
You don't have to worry about him or her. You
need to worry about you. What's going on with you,
and how you're going to take care of your kids,
and how you're going to live the lifestyle that you
want to live, going smarly, because it's going to look
a lot different, no matter the money, it's going to
look different.
Speaker 2 (31:52):
For sure.
Speaker 1 (31:52):
It is you see out there shoveling for yourself.
Speaker 2 (31:55):
Yeah, I learned how to use a snowflower. Yeah like that.
Speaker 1 (32:02):
Listen, the things we the things we can do. We
we gave birth, we can I mean, we birth our
killer and we can do anything. I always say, that's.
Speaker 2 (32:10):
True, right, So strong and you really and you learn
so much. I'm, you know, almost ten years out of
my divorce now, and I look back and I've grown
so much as a person and realized how strong you
can be and what you the levels of adversity that
(32:30):
you can go through to come out on the other
side with a life where you're you know, you're happy
and your kids are happy, and you you know, can
take on anything because you are like you know that
was nothing. I can do this.
Speaker 1 (32:45):
We can. If we can go walk through our shoes
going through divorce, we can do anything for sure.
Speaker 2 (32:51):
One person. I agree, it.
Speaker 1 (32:53):
Doesn't kill us, makes us stronger? Right or doesn't not
my mod you can get right back up.
Speaker 2 (32:59):
Yeah.
Speaker 1 (33:00):
So much powerful information. New America funding divorce mortgage specialists
Tammy Willinsex. She's available in all in fifty states.
Speaker 2 (33:08):
Call her.
Speaker 1 (33:09):
The call is free. So important. Find out that remember
your house is more than likely your biggest asset. There's
so much information to know before you decide whether you're
going to keep the house or sell the house, or
keep the house. Thank you so much, Tammy. I'm going
to have you back again. So much great, such great information.
Thank you. Nito Kuda. Divorce and family laws attorneys have
(33:32):
guided Connecticut and New York families through complex divorce actions,
contested child custody, and alimony disputes for over thirty years.
Their Connecticut and New York attorneys have extensive experience in
family matters involving substance abuse, domestic violence, mental illness, and
many other X factors that can complicate a divorce. Their
attorneys a deptly managed privacy and reputation concerns inherit to
(33:56):
public divorce proceedings and the related exposure for their ultra
high net worth clients. Find your new path forward, define
your post divorce family, and secure an enforceable agreement to
protect your future with Needle Cuda Act. Now put the
strength of their team behind you. Visit them at Needlecuda
dot com or call two O three five five seven
(34:18):
nine five zero zero
Hi, I'm Wendy, and this is Divorce Doesn't Suck. I'm
talking all about the life you can live after divorce.
You'll hear regular people's stories about their divorces and how
they reinvented themselves and grew. You'll also get invaluable advice
from experts who serve in the divorce community. A little
about me. I'm a former TV producer and mom of two.
I got divorced in two thousand and eight when there
were really no outlets or platforms for me to turn to.
(00:22):
So I'm paying it forward and have created a platform
to help men and women learn that there absolutely is
a fresh, new and exciting life after divorce. Come with
me on this journey and paint your brand new blank
canvas of happily ever after divorce. This episode is brought
to in part by the Needle Kuda Law Firm guidance
that moves lives forward. Welcome to another episode of Divorce
(00:43):
Doesn't Suck. I'm Wendy Sloan and my guest today. So important,
such important information. Wish I had this when I got
divorced in two thousand and eight. Didn't know anything about this,
but now I do, and I want to share it
with all of you. A licensed Senior loan officer with
over twenty eight years of experience for passion and helping
divorcing individuals navigate the home equity solution and mortgage options
(01:05):
while going through very very challenging times because we all
want to keep the house, or we say we want
to keep the house, but what we don't know we're
going to be talking about keeping your house refinancing so
much more. Welcome to my show, Tammy, Will and Sack.
Speaker 2 (01:20):
Thank you so much, Wendy. It's such a I'm so
grateful to be here and share with your listeners all
this information because as we were discussing a little bit earlier, Yeah,
everybody wants to keep the house. That's like the main
objective for so many reasons, right emotional reasons, children being
(01:41):
in the house, and there's just a lot of moving
parts around the house. And I find it really impactful
when I talk to my clients and tell them what
keeping the house actually means, so.
Speaker 1 (02:00):
To share that with us what keeping the house? But
can you start by sharing your own personal story and
how you.
Speaker 2 (02:05):
Got all this and absolutely so. I went through a
personal divorce in twenty fifteen, and I did exactly that,
even being in lending for thirty years. You know, at
that time, I felt that keeping the house was winning something.
And I you know, went through my divorce. Luckily, we
(02:26):
did go through a very amicable divorce, and we went
through mediation and we came up with all of our agreements.
But I ended up keeping the house, and you know,
you I gave up assets and things to do that.
And then once I was sitting in the house, I
was like, oh my gosh, I'm in Illinois, and you know,
(02:47):
there's so much maintenance that goes along with a home,
such as snow removal, just things that I didn't think through,
like snow removal, yard maintenance, you know, spring cleaning up,
fall clean up. All the things that have to do
with owning a home. I had to pay for now
or try to figure out how to do. So I'm
(03:08):
out there with a snowblower and all the things, and
I was like, this is so much I couldn't even
keep I couldn't even like keep the house clean, like
I'd clean one area. And my kids were eight and
ten at the time, so I have young kids trying to,
you know, make sure that they have the life that
they're accustomed to, and I realized it was just way
(03:32):
too much for me, and I ended up selling the house.
And then you know, when you sell, down the road
and the cost of the sale and all those things
are on you. So I didn't really think through it clearly.
And then I realized once I did that, then I'm
in lending and I can help people understand what this
(03:53):
means before they sign their settlement agreement. You know, while
you're making these decisions and coming up with options, and
it seems funny even across the country, the decision for
the house a lot of times just gets pushed to
the back. You know, we'll think about that later, or
we'll decide on that later, and it should really be
(04:16):
in the forefront because a lot of times it's a
person or a couple's largest asset.
Speaker 1 (04:24):
I was going to say, that's exactly what I'm going
to say, and so why does it get pushed back?
Why does it get pushed to the back?
Speaker 2 (04:30):
I think that legal attorneys, First of all, it's not
they're lane to understand real estate. They don't understand mortgage
lending or all of the parts around real estate. So
it's really easy to just say, Okay, you know, one
person's keeping it, or they're going to sell it and
split the proceeds. That's the path of least resistance. I've
(04:53):
talked to hundreds of attorneys and they just don't really
know the impact of what they're putting in the settlement
agreements and how that person's going to carry that out
post divorce. So if one person's going to keep the
house and both are obligated on the mortgage, there needs
(05:13):
to be the other person that's leaving the home wants
to be released from the liability of that mortgage, and
so there's things that have to be done in order
for that to happen. And I was getting so many
settlement agreements post divorce saying, you know, wife's going to
keep the house and she's going to refinance within three
(05:34):
months and blah blah blah, and only to find out
she can't she can't qualify for the mortgage for the
new mortgage, or she can't assume the mortgage, or she
can't whatever they're setting themselves up for. They didn't look
at it prior to executing their settlement agreement, and then
it can cause a lot of turmoil. Right if somebody
(05:57):
thinks they're going to keep the house, and then all
of a sudden they find out they can't carry out
what they set themselves up to do, and now they
have to sell, right, because that's what it was put
in the settlement agreement. You're gonna refinance the home within
ninety days or south.
Speaker 1 (06:16):
But I'm still back on the part when you decided,
like you're in lending and you decided to keep the house.
And I think that's most of us I'm speaking for,
because we feel that we need to keep the consistency
for the kids and that it's going to be better
for the kids. But then here we are drowning ourselves
in a house that we can keep up with, Like
(06:37):
you said, the now removal or the maintenance of the house,
or if the refrigerator goes.
Speaker 2 (06:43):
Or the.
Speaker 1 (06:45):
You know whatever, all so many big things like your
air conditioning breaks, and then who's responsible for that, So
we don't realize being the magnitude of what we're getting into.
Speaker 2 (06:57):
Yeah, it was overwhelming to me, and I when I
and your kids feel that your kids are going to interpret,
you know, everything the way that you presented to them
is what I've learned, and so when I ended up
downsizing significantly, and I made it kind of an adventure
(07:21):
for my kids at you know, they were like nine
and you know, nine and eleven or whatever, like, hey,
we're going to get new rooms, We're going to decorate it.
I mean at the time, they were into whatever, you know,
nerve wars or whatever. And I really helped them understand
like that it's going to be okay. The house that
(07:43):
we moved to, we created a space for them and
that they were going to be able to see their
friends and do all the things that were important to them.
It wasn't the house. Of course, you know, they loved
the house because it was big and they had you know,
like it was, uh, you know, very safe, a safe space.
(08:06):
But you can create another safe space. And if you
create a safe space for them that they know that
they're going to be loved and cared for and protected.
That's really what a home is. It doesn't have to
be ten thousand square feet or whatever, you know exactly.
And my home with my for my kids, wherever I
was was going to be home. So it was it
(08:28):
was no they were they when we left the house.
Finally it took three years.
Speaker 1 (08:32):
Yeah, yeah, about three years they were they were so
happy it didn't matter. You know, you mee the house.
Wherever there's love, there's the house that's where it's going
to be.
Speaker 2 (08:43):
Completely agree And when it takes that stress off of
you to try to figure out how you're paying for this,
or you know that you're liquidating a lot of assets
to try to keep up with it, it's going to
create peace and you, you and then your kids are
going to feel that.
Speaker 1 (09:03):
So tell us walk us through. So people should come
seek out you or a mortgage divorce mortgage specialist, see
help before they go through the divorce. They can just
find out who you walk us through that.
Speaker 2 (09:19):
Yeah. Absolutely, I talk to people in all different stages,
but the very best, I mean I talk to people
before they've even talked to their spouse, right, because a
lot of times they're very scared about where they're going
to live and what's going to happen and how that's
going to look right, and really coming up with the
(09:41):
options and looking at it can really help empower you
through your negotiations because you're not taking a counter productive position,
you're not offering something to the other side to your
spouse that you don't want to carry out or can't
carry out. You're coming to the table with very clear
(10:02):
information about what it looks like, what you're willing to
give up, or what you're willing to do in all
instances around the real estate, and you know that's going
to empower you to be able to make a better
negotiation and a better outcome. So, yeah, so I talked
(10:23):
to people in all different stages, and the earlier the better.
But you know, if you're already kind of post divorce,
like you know, it is what it is, it's already written,
so we have to follow the agreements. But if we
can come up with options before you execute, then it's
going to make you feel more comfortable with what the
(10:45):
decisions you're making.
Speaker 1 (10:47):
And so what do we actually need to know? So
there's mortgages, your house could be refinanced. There's so many
things that go into that, and why I should keep
the house, Why should keep the house, What does it
look like if I don't keep the house, like et cetera. Yeah,
it through all that.
Speaker 2 (11:06):
The biggest thing that I tell people that they need
to understand is really what you're negotiating in a divorce
is the equity in the house and What equity means
is you take the value of your home and we'll
use really easy numbers. Let's say the value of your
home is five hundred thousand and you owe two hundred thousand. Okay,
(11:31):
so really the asset is three hundred thousand. Well, half
of it's already yours. If it's marital, it's half yours
half your spouse's. So it's one hundred and fifty and
one hundred and fifty. Right. Well, you also have to
look at who's liable on that mortgage. Are you both
on the mortgage? Is only one person on the mortgage
if your boatlet And for this conversation we'll use really
(11:54):
easy kind of scenario. Both people are on the mortgage,
there's three hundred thousand worth of equity. The person leaving
the house is going to want to be released from
liability of that mortgage. They're not going to be want
to be responsible for it from a credit standpoint, you know,
for them long term of qualifying for their own mortgage
(12:18):
down the road. Now there's things around that we can
talk about later. But so we're talking about three hundred thousand,
That three hundred thousand or one hundred and fifty that
you owe your spouse if you're going to keep the house,
can be negotiated through other assets. All of your marital
assets are going to go in a marital asset bucket.
(12:39):
We'll just call it a bucket because I think it's
a visual that people can understand, and you're going to
start dividing them and negotiating different assets. Right, So, what
we would look at is what can you qualify to
refinance that mortgage on your own with your own income,
(13:00):
your own assets, your own credit right that two hundred
thousand or one way to do it would be to
roll in the one hundred and fifty that you owe
your spouse so that you can pay them their portion. So,
now you have a three hundred and fifty thousand dollars
mortgage against a five hundred thousand dollars house. What does
(13:25):
a three three hundred and fifty thousand dollars mortgage look
like for you? What does that house payment feel like
right now? The other way that most a lot of
people across the country unless you lived under a rock
between two thousand and twenty, you know, and current times
have really good interest rates, and that is what's tying
(13:47):
people to their mortgages. And that is what's keeping people
tied to their house. They're calling it the golden handcuffs.
And the reason is because people are looking at their
mortgage payment and they have a three percent in and
they're saying, like, well, I can afford this payment, like
this is a great payment. I can't even afford to
rent for what this payment is, right, So what does
(14:11):
that mean? Now? Sometimes because of the divorce, that loan
could be considered assumable. That's the word that you want
to use. If you call your mortgage lender that you
make your payments to today, it's a loan assumption. And
what that means is you keep the current rate, you
(14:34):
keep the current payment, you keep everything the same. Okay,
here's the rabbit hole of what that is. The rabbit
hole is the lender will not tell you if you
qualify until you're divorced. They want to see your settlement agreement. Okay,
so you have to write that in your settlement agreement.
(14:56):
I'm gonna assume the mortgage and then what's going on
on with one hundred and fifty thousand that you owe
your spouse. That one hundred and fifty thousand has to
be equalized with other assets. It has to be you know,
I've seen parents swoop in with it and give a
gift or something like that. But you have to give
(15:16):
their equity portion. And now that's negotiable, Like I'm not
saying it's one hundred and fifty. It can be negotiated, right,
But let's say that it is one hundred and fifty
that cannot be rolled into a new mortgage with an assumption. Okay,
all you're doing is keeping the current terms. You're keeping
(15:37):
the current payment, you're keeping the current principal balance, and
you have to qualify and with a mortgage assumption, a
lot of times it takes sixty eight months. I've heard Chase,
like big large lenders take a very long time to
put you through this process of assuming your mortgage. And
(16:00):
there's costs. There are costs. It's not free when you
when you assume your mortgage, you have to write a
check for whatever it costs at the closing. So you
have to be prepared for all these things. It's not
a freebee. You don't just to get to keep it.
It doesn't just you know, happen. It's a process. And
(16:21):
so when and that's what I do through my planning
is I say, Okay, this is what it would look like. Now,
I can't tell you whether you can assume the mortgage
or not because I don't work for the lender. I
can tell you just from a very high level, if
you it looks like you would qualify, and if you
know they have a pros and they don't always have
(16:42):
a process for it, it's not a given that they're
going to allow the assumption. So the first question is
is my loan assumable I'm going through a divorce. They're
going to say yes or no? What are the costs
involved to doing that? What's the timeline? Knowing all of
this information up front will help you determine whether or
(17:05):
not is your spouse going to sit around and wait
six to eight months before you assume the mortgage? Maybe
not right? How is that money going to be paid out? Well,
maybe it's going to be paid out. They're going to
get more of the retirement plan. Maybe they don't want
more of the retirement plan. Maybe they want cash. Maybe
(17:26):
the only way to get cash is through a refinance
and through getting the cash through the equity and the home.
So we've said a lot right now, But let's say
that you do the refinance, and you look at that
and you're comfortable with what the new payment looks like,
and you say, yeah, that makes sense to me. I
(17:47):
could do that. I can offer that, I can tell
my spouse I can refinance the loan, give you your
one hundred and fifty thousand within thirty days of the
divorce or whatever whenever the timeline is. And that makes
sense for you, and you look at it and you say, okay,
I can't you know, go out and rent. I don't
want to move. You know, this is a good decision
(18:10):
for me. Then you know right then you know? Then
you know what the path is to creating this kind
of process for yourself. You write it all up in
your settlement agreement, your spouse agrees to it, and you
carry it out.
Speaker 1 (18:25):
That's in the that's in a really sweet way saying it.
But regardless even if it's not, you know, here you go,
this is what I want and they agree, yeah, you
know what you usually agree.
Speaker 2 (18:35):
No, but yeah, it's not gonna work like that, right,
But like.
Speaker 1 (18:38):
What powerful information to go in with? So you know,
because I think more than half we don't know this information,
We're going to talk more. We're going to talk more
about this with Tammy Wallensack. She is New America Funding
Vice President divorce mortgage specialist, like thirty over thirty years.
I want to also make a note that you are
(18:59):
in all all fifty states and you give free calls
for this. Yes, in all fifty states. I keep wanting
to say that, so everyone should reach out to Tammy.
I think this is so important. We're going to take
a quick listen for commercial from our sponsor. We're going
to come back. We're going to talk more about that,
and also property taxes, homeowner's insurance. This all gets knocked.
This all gets set up too if you were going
(19:21):
to keep the house. So these are all other things
to consider. We'll be right back facing. A divorce can
be overwhelming and stressful personally and financially. If you seek simplicity, strategy,
and direction in financial matters, financial advisor Jennifer Lee's straightforward
approach cuts to the heart of the issues, providing clear
next steps. Jennifer is both an advisor and an author.
(19:41):
Her book Squeeze the Juice, Live with Purpose, Then Leave
a Legacy offers essential principles and tools to tackle transition
with ease. It's the perfect reader friendly God for those
who feel like an ostrich when managing their finances. As
an advocate for women, Jennifer helps navigate the stress and
challenges of divorce, the loss of a spouse, and other
significant life transitions. With her team support and strategic guidance,
(20:05):
women can achieve financial clarity and perspective as they embark
on a new journey. Schedule a complimentary, no cost, no obligation,
squeeze the juice call, grab a copy of her book,
or visit modern hyphenwealth dot com Today. It's hard to
find peace of mind when you're constantly worried about your
kid's safety with a co parent who drinks. You want
to feel confident your children are safe, but you're stuck
(20:25):
wondering if your co parent is sober during their time together.
Sober Link provides a court admissible and reliable way to
prioritize your child's safety. It's an alcohol monitoring system that
allows your co parent to prove their sobriety, giving you
the peace of mind you deserve. Here's how it works.
Your co parent tests at schedule times throughout the day.
Facial recognition confirms it's really them, testing tampered detection catches
(20:46):
any attempt to cheat. Instant results are sent directly to
your phone. With Soberlink, you can focus on what matters most,
being the best parent you can be. Don't live with
uncertainty this year. Visit www dot soberlink dot com forwards
Last dds to learn more and save fifty dollars off
your device. We're back with Tammy Wallensack, New America Funding
Vice President, divorce mortgage specialist. Go speak to her or
(21:08):
divorce specialist if you're going through divorce before you're going
through divorce, so you can find out. Because we all
the biggest asset most of us have is the house.
So there's so many things that we need to consider
if we're going to keep the house, or if we're
going to give the house to our spouse, or if
we're going to sell the both of us are going
to sell the house and take the money the sales
from that, So property taxes, homeowners insurance, all this comes
(21:32):
with keeping the house.
Speaker 2 (21:34):
Yeah. The other thing that I try to bring to
people's awareness is the cost of the sale of a home.
Right like you if you sell a home and split
the proceeds and we'll talk about the taxes and insurance
also very important. But if you sell a house and
(21:55):
split the proceeds of a house, there's costs involved, right, Wendy,
Like across the country, you know, I usually say across
the country, it ranges from seven to ten percent. And
that's by the time you hire an agent to list,
do all the things, pay all the transfer taxes, do
all the stuff. Right. So if we use that that
(22:17):
you know, five hundred thousand dollars example that we're using,
it's going to cost around on the low end, thirty
five thousand dollars to sell that house. Right that comes
right off the top. Well, you split that cost with
your spouse if you do it through this process of
the divorce, right, and then you get the proceeds, you
(22:38):
split the proceeds, and then you take that And here's
something other another thing that I like to tell people
because this is really powerful information to helping people understand
if they do decide to do that because of the divorce.
You qualify again as a first time home buyer if
(23:00):
you meet the parameters of there's income limitations, right, but
you can put as little as three percent down on
something new for yourself if you qualify from an income standpoint,
So that might be a way, especially as a single mom,
to downsize, buy something new, take a portion of the
(23:21):
proceeds that you've received, put it as a down payment
on something new, create a new mortgage payment for yourself,
and still potentially have money sitting maybe in a high
yield savings account or somewhere that you have access to cash.
Right I feel as a single mom, and I don't
(23:42):
know how you feel about this, Wendy, but cash is
king when you have kids. You want to have access
to it in case something happens. Have an emergency fund,
you know, like having the ability to pay for something
that comes up unexpectedly, even in a house. You know,
So that that might be a way. So I go
(24:05):
back to the taxes and insurance. Those things are are
moving targets too. You know, you might might have insurance
with your spouse now that's bundled together with multiple cars.
You know, it might been might have been underwritten on
your spouse's credit, you know, and all that stuff gets
(24:26):
relooked at when you keep the house and you need
to go get new insurance, it might be a completely
different rate than what you have with your spouse. And
then taxes are also you know, taxes go up, and
property taxes aren't just a static thing. They go up
(24:48):
as time goes and in the years go, so that's
also something. And with a new mortgage, we roll all
that into your new mortgage payment most of the time,
so you know, you'll be able to see what that
new payment looks like, including your taxes and your insurance.
Speaker 1 (25:09):
This is such important information. It's I mean, I'm going
way way back from my divorce. Wish I would have
known all this, because I probably would have chosen not
to keep the house back then.
Speaker 2 (25:22):
I have a lot of people that are just like,
oh wow.
Speaker 1 (25:25):
Yeah, no, I really knew this.
Speaker 2 (25:28):
And then you can start, you know, kind of processing, Okay,
what does it look like to not keep the house?
What does that look like for me? Where am I
going to go? Start looking at new properties? And you know,
it's funny, Wendy that a lot of times people want
to keep the house and they look at it. I did,
(25:50):
like I said, kept the house, and then you sit
in this house and you're like, why did I do this?
Like all the memories of the house, like we were
a big party. Plant know, we had a lot of
parties and stuff, like I wasn't friends with half of
those people anymore through my divorce, So you have all
these memories that may be good and maybe not so good.
(26:11):
You know, a fresh start sometimes is a good thing too,
So you know, but.
Speaker 1 (26:17):
It's interesting because you you do this for a living,
but yet you chose to keep the house. Yeah, it's
it's it's interesting. And property taxes, homeowners insurance, all those
things added up, and then the real estate you get,
you get a real estate broker and you have to
pay their percentage of that too. So many things go into.
Speaker 2 (26:36):
This, right, yeah, right, So it's not it's not a
it's not something that's should be a flippant answer. It
should be one of the things that you truly, you know,
work through and look at and from a financial perspective.
And if you're not comfortable with that, and this is
very common, there's no shame around this. But in a marriage,
(26:59):
you and conquer, right, and a lot of times one
person hasn't been involved in the finances. So even being
even talking about mortgages and stuff stresses people out, Like,
oh my god, I've never I just had papers put
in front of me and I just signed them, right, right,
(27:19):
So I try to break that down for people in
very easy terms and try to really help people understand
what they're signing up for, what their options are, looking
at interest rates, looking at all these different things and
educating right, like, what does your post divorce budget need
(27:42):
to be super important? What are the utilities of the house?
Speaker 1 (27:48):
Right?
Speaker 2 (27:49):
What do you have to pay every month? What are
your new you know, what are the what's your lifestyle
going to be live post divorced? Do you want to
just sit in a big house and not be able
to go to or have to tell your kids know
all the time because you can't afford to do any
activities or can't afford to put them in sports or
whatever that they're used to being in because you can't
(28:10):
afford it.
Speaker 1 (28:11):
Right, It's all scary stuff. But when you have all
this information, it's so it's so much more light is
brought into you kind of like know where you're at
instead of, you know, all of a sudden finding out Gosh,
I shouldn't have kept the house or I should have
sold that. It's just so many, so many things go
into this, and when people come to you and they've
(28:33):
already decided like, oh, but this is what I this
is my next question. What are the mortgage rates now?
Are they crazy still?
Speaker 2 (28:40):
So mortgage rates, a lot of people like to say
they're crazy, And here's why they say they're crazy, Wendy,
is because over the pandemic rates, we're in an unprecedented low.
Like I said, unless you're under rock, you really either
bought a house at that rate or refinanced into that rate.
And people have like around a three percent sometimes sub
(29:03):
three percent interest rate, and so rates right now are
probably inching towards like the high six is, low sevens,
depending on your situation. So that feels very daunting to
go from three to seven. But a lot of times
you can look at what the new payment is and
(29:25):
you need to look at it against what rent would be. Right,
maybe a seven percent interest rate is higher, but because
you are reamortizing the loan, and what that means is
you're stretching it back out to thirty years, maybe that
payment isn't so it's not like double maybe right, or
(29:49):
maybe there's maybe you were on a fifteen year term.
Maybe you took advantage of a fifteen year loan, you know,
in twenty twenty or twenty twenty one, so you're ortization
is over fifteen years, and now when you stretch it
over thirty it doesn't move that much. Maybe it's higher,
but enough that it's palatable, right that you can handle it. Regardless,
(30:14):
looking at it and seeing it in black and white
and what the numbers look like will help you determine
if it's yes or no. Right, does this make sense
or does this not make sense?
Speaker 1 (30:27):
Right?
Speaker 2 (30:28):
Right?
Speaker 1 (30:29):
Especially being your probably everyone's biggest asset. This is where
the bulk of your money is going to come from
the divorce. So you really need to look at this
very very very closely. Yeah, everyone needs to contact to you, Tammy.
I mean, thank you and the fact that you can
do this and all you can talk to anyone in
fifty states.
Speaker 2 (30:48):
Yeah, talk to people all over. I actually get people
they talk to want to talk to me from Europe
and I'm like, I don't know the lending laws in Europe.
But yeah, it's just regardless of where you are in
the world. I mean, this is one of your biggest
assets and you really need to know what that means
(31:08):
and combining there's a big gap between family law and
mortgage lending and real estate, and just understand that your
attorney is not going to guide you. Your attorney does
not know. Your attorney is not going to be able
to give you the guidance that you need. You need
to seek this information on your own and make sure
(31:29):
that you empower yourself to make the very best financial
decision for you. That's it for you, right, And what
your post divorce life looks.
Speaker 1 (31:39):
You don't have to worry about him or her. You
need to worry about you. What's going on with you,
and how you're going to take care of your kids,
and how you're going to live the lifestyle that you
want to live, going smarly, because it's going to look
a lot different, no matter the money, it's going to
look different.
Speaker 2 (31:52):
For sure.
Speaker 1 (31:52):
It is you see out there shoveling for yourself.
Speaker 2 (31:55):
Yeah, I learned how to use a snowflower. Yeah like that.
Speaker 1 (32:02):
Listen, the things we the things we can do. We
we gave birth, we can I mean, we birth our
killer and we can do anything. I always say, that's.
Speaker 2 (32:10):
True, right, So strong and you really and you learn
so much. I'm, you know, almost ten years out of
my divorce now, and I look back and I've grown
so much as a person and realized how strong you
can be and what you the levels of adversity that
(32:30):
you can go through to come out on the other
side with a life where you're you know, you're happy
and your kids are happy, and you you know, can
take on anything because you are like you know that
was nothing. I can do this.
Speaker 1 (32:45):
We can. If we can go walk through our shoes
going through divorce, we can do anything for sure.
Speaker 2 (32:51):
One person. I agree, it.
Speaker 1 (32:53):
Doesn't kill us, makes us stronger? Right or doesn't not
my mod you can get right back up.
Speaker 2 (32:59):
Yeah.
Speaker 1 (33:00):
So much powerful information. New America funding divorce mortgage specialists
Tammy Willinsex. She's available in all in fifty states.
Speaker 2 (33:08):
Call her.
Speaker 1 (33:09):
The call is free. So important. Find out that remember
your house is more than likely your biggest asset. There's
so much information to know before you decide whether you're
going to keep the house or sell the house, or
keep the house. Thank you so much, Tammy. I'm going
to have you back again. So much great, such great information.
Thank you. Nito Kuda. Divorce and family laws attorneys have
(33:32):
guided Connecticut and New York families through complex divorce actions,
contested child custody, and alimony disputes for over thirty years.
Their Connecticut and New York attorneys have extensive experience in
family matters involving substance abuse, domestic violence, mental illness, and
many other X factors that can complicate a divorce. Their
attorneys a deptly managed privacy and reputation concerns inherit to
(33:56):
public divorce proceedings and the related exposure for their ultra
high net worth clients. Find your new path forward, define
your post divorce family, and secure an enforceable agreement to
protect your future with Needle Cuda Act. Now put the
strength of their team behind you. Visit them at Needlecuda
dot com or call two O three five five seven
(34:18):
nine five zero zero
Popular Podcasts
Fudd Around And Find Out
UConn basketball star Azzi Fudd brings her championship swag to iHeart Women’s Sports with Fudd Around and Find Out, a weekly podcast that takes fans along for the ride as Azzi spends her final year of college trying to reclaim the National Championship and prepare to be a first round WNBA draft pick. Ever wonder what it’s like to be a world-class athlete in the public spotlight while still managing schoolwork, friendships and family time? It’s time to Fudd Around and Find Out!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.