
What is a CDLP?
A CDLP is a Certified Divorce Lending Professional who brings the financial knowledge and expertise of a solid understanding of the connection between Divorce and Family Law, IRS Tax Rules and mortgage financing strategies as they relate to real estate and divorce. A loan officer must pass the CDLP program to receive this unique designation. A CDLP cannot charge you more fees than a typical loan officer/mortgage lender. As a result, you always get more value working with a Certified Divorce Lending Professional than a loan officer/mortgage lender that does not have this distinction.
Will I be able to get a mortgage after my divorce?
Getting a mortgage after a divorce depends on your debt to income ratio just like with all mortgage underwriting calculations. Things to consider when calculating your debt to income ratio are: do you have joint debts, contingent liabilities or alimony obligations that will count against you? Do you have sufficient seasoned support income or seasoned income from property settlement note? If you meet the debt to income ratio, then yes. If not, it is still possible to finance with non-prime lending which means your interest rate will be higher – possible solutions can be outlined for you.
Is it OK to leave my ex-spouse on my mortgage after we divorce?
Depends. If you are living in the home, leaving your ex on the mortgage is fine if your ex doesn’t object. If you are moving out of the home, you certainly don’t want a mortgage in your name as that may reduce your chances to qualify for another mortgage later (unless your court order addresses non-contingent liabilities that meets lending guidelines and you are comfortable with the arrangement). As joint credit is tied to the mortgage lien until it is fully paid off, any missed payment, short sale or foreclosure will negatively impact both parties equally.