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Be careful when you allow your spouse to buy you out and pay you a lump sum. Suppose your spouse buys you out without refinancing the mortgage. In that case, most lenders will continue to consider both of youu2014as original co-signersu2014to be liable for the loan. Even though you wonu2019t have legal ownership of the house, this financial liability will make it difficult to purchase a new home.
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Let your spouse buy you out Be careful when you allow your spouse to buy you out and pay you a lump sum. Suppose your spouse buys you out without refinancing the mortgage. In that case, most lenders will continue to consider both of you—as original co-signers—to be liable for the loan. Even though you won’t have legal ownership of the house, this financial liability will make it difficult to purchase a new home. www.mortgagedeliveryguy.ca
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