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Foreclosure is a legal process that a lending institution or mortgage company obtains ownership of your home, in other words, a repossession of the property.
If you are the one who keeps the home after the divorce, you will have to take the loan while the other spouse goes through the buyout. Refinancing takes time and it’s often an emotional process.
Having to say my house is being foreclosed is something that homeowners never want to have to admit. Unfortunately home ownership comes with a lot of financial responsibilities.
Divorce house buyout may seem to add more complications in the divorce process. Getting a divorce can bring a lot of stress on yourself, your spouse and your entire family.