Michael Holigan: Angela Slatinsky was in the market for a new home. But as a recently divorced woman, she wasn't sure she could qualify for a loan now that she was on her own with two kids. Once she did qualify, she says the question became, "Am I ready?".
Angela Slatinsky: Normally when you're in a married situation, you have that person to fall back on. Something does go awry, you have them to help pick up the pieces. Going it by yourself, it's just you. So that was a big concern of mine, is whether or not I was ready to do this by myself.
M.H.: Divorce is one of the main reasons for foreclosures. Not only does it split your income, but it can leave you a mound of debt. It can put you in a precarious financial situation. One of the first things a lender will want to see is your divorce decree. The lender will look closely at any debts to determine who is responsible for paying them. Also taken into consideration are any child support or alimony payments. These expenses count as debt for the spouse making the payments. For those on the receiving end, child support payments count as income if they are to be continued for a year or more and are paid on time. Angela does receive child support payments, and she and her ex-husband settled their debts shortly after their split. She says having access to well kept records speeded up this part of the process for her.
A.S.: We had to go back for 12 months to prove that I was getting it. Luckily, my child support is taken directly out of his check and it goes through the county in which we were divorced, so they were able to go back and pull 12 months of records.
M.H.: With a divorce in your immediate past, you must provide additional documentation to qualify for a loan. If alimony or child support is part of the money you're going to use to pay your loan, you must show past checks to make sure that they do come in on time.
Find out how much home you can afford - it's FREE!
Episode 41 1996 - 97 Season
| Entry Doors | Inside Mounted Treatments | Choosing Appliances | Stove Tip Bracket | Wood Frame Windows | RainhandleR | Outside Mounted Treatments | Impact of Divorce |