When a married couple purchases a home, they typically do so with the belief that they will be spending the rest of their lives together. Unfortunately, this isn't always the case. When a divorce becomes inevitable, decisions must be made about the house and the mortgage, and sometimes this involves the foreclosure process. Here is a brief guide to the connection, including when to reach out to a foreclosure attorney.

What Happens to a Mortgage During a Divorce?

When you and your spouse make the decision to end your marriage, one of the first decisions you'll face is what will happen to the marital home and the accompanying mortgage. This partly depends on who signed the promissory note and mortgage agreement when the property was purchased. If both contracts were entered into jointly, then you share responsibility for maintaining your monthly payments. This presents several options, depending on whether one, both, or neither of you wish to continue living in the home. If you both want to keep the property, you may remain co-owners and continue living in the home as roommates. 

Alternatively, some couples with children opt to rent a small apartment and each spouse takes turns living in the home during their parenting time and in the apartment during the other parent's time with the children. This way, there is minimal disruption to the child's lifestyle and the mortgage continues to be paid. If these aren't feasible options, a judge may need to examine each party's finances and decide who, if anyone, will be permitted to remain in the home.

If only one spouse wishes to continue living in the house and their credit permits, they may be able to refinance the mortgage solely in their name, relieving the other spouse of their obligation to pay. In the event that neither spouse wishes to keep the house, there are several options to attempt to avoid foreclosure, including selling the house to pay off the mortgage or requesting a loan modification. Unfortunately, many couples fall so far behind on their payments during the divorce process that foreclosure becomes inevitable.

When Do You Need a Foreclosure Attorney?

In Arizona, both judicial and non-judicial foreclosures are permitted. Which of these categories your specific foreclosure falls under will affect the timeline, which dictates how long you have until you each need to vacate the property. Even if the foreclosure process has already been initiated, it may not be too late to stop it. 

Promptly hiring a foreclosure attorney will allow you to explore possibilities you may not have been aware of, such as a short sale. It will also ensure your rights are observed, such as your right to a pre-foreclosure notice and a list of forbearance assistance programs. 

For information tailored to your particular case, contact Bueker Law Firm in Stuttgart, AR. Attorney Jeremy Bueker has been helping those who face financial hurdles such as foreclosure, bankruptcy, and repossession for over 19 years. Visit his website or call (879)673-1313 to schedule a consultation.