Vice-President of The Federal Savings Bank, Douglas Katz, was recently featured in the book titled Stress-Free Divorce Volume 3 discussing Planning For a Mortgage During Your Divorce
The new book titled “Stress-Free Divorce Volume 3” recently featured Vice-President of The Federal Savings Bank, Douglas Katz, where he discussed his insights on Planning For a Mortgage During Your Divorce.
According to Katz, planning for your mortgage is one of the top 5 priorities to consider during a divorce.
Katz, said “This, after all, is where you sleep, eat, raise your kids, et al. This is not surprising as over 80% of married couples own their own homes. In short, the vast majority of divorces involve the sale or refinance of at least one residence. The disposition of the residence is always addressed in the divorce decree, but this only reflects the required final disposition and the details of getting to that end state are left unresolved until the end. This is where the problems begin. ”
When asked what common obstacles prevent people from getting a loan during a divorce, Katz said, “Contrary to what most people think, it is not necessarily anything specifically related the mortgage itself that is the main obstacle to buying a home during or subsequent to a divorce. Rather it is an ignorance as to how a mortgage works that creates the largest obstacle. This ignorance leads to bad planning and a disconnect between the mortgage and all of the other components of a divorce.”
In his book chapter, Katz outlined the big obstacles to financing property around a divorce, explaining, “All mortgages have a similar set process that is generally followed from application to funding, but a specialized lender can use different programs in concert to create a solution to complex issues created by a divorce. To effectively problem solve, a good lender will let go of the traditional mortgage paradigm when creating a solution for a client. This is a critical reason to use a specialized, divorce focused lender when buying or refinancing.”
Douglas Katz, MBA, CDLP – Vice-President of The Federal Savings Bank earned his MBA from Loyola University Chicago and moved to the mortgage industry based on a desire to help people realize their dream of homeownership and to accomplish their real estate investment goals.
The chapter concluded with Katz saying “If you are considering a divorce or even in the midst of one and if you want to buy or refinance a home, hire a good lender who specializes in divorce lending and empower them to help you. Finding one may be a bit harder or less convenient than going into your bank branch, but the rewards are worth the time….I believe in learning about my clients as well as educating them. I offer all of my clients a free, no obligation consultation to discover their needs and to devise a plan. As part of this, I also provide all of my clients a free divorce mortgage kit, so they can learn more about how to finance their home.”
To read the full chapter, get the book “Stress-Free Divorce Volume 3”, by visiting http://a.co/3TXWOBM.
To learn more about Douglas Katz, please visit http://www.divorcelendingpro.com/.
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