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In what situations may a divorce decree or separation agreement be required?

A divorce decree, separation agreement, or property settlement agreement may be required under the following circumstances:

  • Refinances to Buy Out An Owner’s Interest

  • Cash-out Refinance Transaction

    • To document that the borrower was legally awarded the property (divorce, separation, or dissolution of a domestic partnership) to support that a six month waiting period is not required. Refer to B2-1.3-03, Cash-Out Refinance Transactions for complete details.
  • Verification of Income From Alimony, Child Support, or Separate Maintenance

    • To document the amount of the award, the period of time over which it will be received, and that it will continue to be paid for at least three years after the date of the mortgage application, as verified by a copy of a divorce decree or separation agreement (if the divorce is not final). If a borrower who is separated does not have a separation agreement that specifies alimony or child support payments, the lender should not consider any proposed or voluntary payments as income. Refer to B3-3.1-09, Other Sources of Income for complete details.
  • Alimony/Child Support/Separate Maintenance Payments

    • When the borrower is required to pay alimony, child support, or maintenance payments under a divorce decree, separation agreement, or any other written legal agreement—and those payments must continue to be made for more than ten months. Refer to B3-6-05, Monthly Debt Obligations for complete details.
  • Court-Ordered Assignment of Debt

    • To document that an outstanding debt was assigned to another party by court order such as under a decree or separation agreement. Refer to B3-6-05, Monthly Debt Obligations for complete details.

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