I’m getting separated/divorced; how does this affect my loan?
If you are separating or divorcing, let your mortgage originator know right away. A few scenarios that could happen:
- You may both decide to move off the property, sell the house and pay off the mortgage
- You may decide to continue paying the existing mortgage together
- You may decide to transfer the mortgage into one person’s name – this can be a bit more complicated and would involve one partner buying out the other’s share in the property, including their equity.