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Marc Greenstein's Blog

By Marc Greenstein | Other/Just Looking in Bethpage, NY

How To Secure a Mortgage While Going Through a Divorce

Divorce can be a difficult time for everyone involved, but selling your home and buying a new one doesn’t have to be.  My name is Marc Greenstein and I am a mortgage specialist from Topdot Mortgage.  I have many years of experience helping people with their mortgage questions.

Six months ago a client came to me who was going through a divorce.  His credit score had gotten dragged through the mud from the divorce and debt incurred around it, and he was unable to obtain a loan.  Over the next 3 months however, I helped him work on his credit, and he was ultimately eligible for a 30-year fixed rate loan.  His result is not indicative of all loan application processes and outcomes.  The most important part of this process was building a strong relationship with him and constantly keeping in touch in order to make sure he stayed on track with his payments.

There are several ways that you can help your credit.  The most important is staying on track with your payments.  You can also send a letter of hardship to your creditors.  They may offer you solutions so your credit doesn’t continue to decline.  Each creditor is different and may handle the situation differently.  It is important to keep in touch and be honest.  Hiding from the mail and the phone will not make them go away.  I promise.  There are many other ways to improve your credit and ultimately your eligibility for a mortgage.

If you have any questions about how your divorce is affecting your ability to secure a mortgage, please feel free to contact me.  I would be happy to advise any way I can.  You can e-mail me at marcgreenstein@topdot.com or call me at 516-719-5507.

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