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  • Scott Sheldon
    • Scott Sheldon
      Senior Loan Officer
      NMLS ID# 287389
      Direct: 707 217-4000
      Scott.Sheldon@nafinc.com
      Specializing in Residential Home Loans for Primary Residences, Second Homes, Investment Properties, Single Family Homes, Condos, PUDs, 1-4 Units.

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Old Divorce Affecting My New Mortgage Loan

January 22, 2014 by Scott Sheldon

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If on your loan application you marked ‘single’, and you’ve been divorced in the past this could be a double-edged sword and here’s why:  while you are presently single that doesn’t change the fact that the past is the past, in other words, if your previously divorced yet your presently single  that creates a big open concern for a mortgage underwriter. If there is any alimony paid or received as a result of that previous divorce that can absolutely affect the debt to income ratio and your subsequent ability to qualify for the mortgage, make sense?

Yes it’s possible even your divorce from 15 years ago could still come into play on your new mortgage application. Lenders are required to complete a thorough background check and if there is a different last name and/or hyphenated name, that can be the catalyst to more questions and the revelation of a previous divorce.

 How to handle the situation

Tell your lender upfront about your previous divorce and available a copy of the previous divorce decree with all pages, and all schedules including the marital settlement agreement which specifically delineates ‘who received what’ in the breakup. Is it annoying? Absolutely, especially if it’s over a decade ago, but that’s the nature of today’s lending industry- full disclosure on all debts  and/or possible debts that might otherwise be not be known in the initial mortgage application.

If  you are previously divorced and/or having a difficult time getting a mortgage, start with us today by getting a complementary mortgage rate quote. For nearly a decade, we’ve seen it all.

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Filed Under: Purchase Mortgage Loans Questions and Answers, Refinance Loans Questions and Answers

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