CDLP

When going through a divorce, even when working with a mediator who has financial qualifications, it can sometimes be helpful to consult with other professionals.  If there is or may be present or future real estate involved, a mortgage professional can help in many ways.  Some have the professional qualification of having become a Certified Divorce Lending Professional (CDLP).

These individuals have been trained specifically on how best to assist couples and individuals who are divorcing or separating.  They are therefore most likely to be able to understand your particular situation and give you excellent input and advice.

In short, they specialize in divorce mortgage planning.  A CDLP understands relevant California Family Law, IRS tax rules and mortgage financing strategies.

CDLP Expertise and Assistance

Here are some of the main ways a CDLP might add value in your divorce:

• Understanding your aims relating to real estate and the financial implications as regards buying or selling property in the context of your divorce.
• Advising whether there are any conflicts between a proposed divorce settlement agreement and mortgage guidelines and requirements.
• Refinancing is often appropriate to remove a spouse from the mortgage on a home the spouse will no longer own. A CDLP can determine if you qualify to refinance and help you identify the best refinancing options.  They can also help you determine whether the current mortgage is assumable by the spouse who will be keeping the home.
• If a spouse will be purchasing a new home, they can suggest and help you evaluate mortgage options, taking into account your financial status post-divorce.
• They can explain how your division of assets and debts, child support and spousal support affect mortgage approval.
• Perhaps you might qualify for a reverse mortgage (now referred to as a HECM) and it might open up possibilities worth considering in your situation.
• A CDLP can help with future financial planning, including managing debt and the tax implications of options you may consider.
• A divorce can impact your credit score. A CDLP can advise ways to protect and rebuild your credit.