We are thinking divorce but she moved out and I am paying the mortgage. My income alone will not allow me to purchase the house. I would like to remain in the house because the house has appreciated very well in value.
2006-11-17 09:11:12 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
regarless if she is in the loan the important part is the deed. She can not sell the property until you sign the deed which is a Grand Deed. Furthermore, if you get divorce by law you need to sell the property and get 50/50 each. Or You can refinance the home with a co-signer to qualify you with income. Then you can take her off the Grand Deed by having her sign a Quick Deed document. But that is if you do not get divorce.
2006-11-17 09:24:02 · answer #1 · answered by Kitty L 1 · 1⤊ 1⤋
She can't sell a house that she doesn't have title to. However, if you've been married for a while then she has a partial interest in the home. For instance:
If you bought the house together in year 1995 for $100,000 and it has appreciated to $500,000 and say you refinanced or whatever your loan balance is 200k now. You would have to buy her half of the house at 150k. This is calculated by 500,000-200,000=300,000/2= 150,000. She cannot force you to sell but you would have to give her 150k. Consult a good attorney to iron the details.
2006-11-17 09:19:22 · answer #2 · answered by tianaramal 4 · 0⤊ 0⤋
At time like this give some thought of life insurance, get a big policy.
Heck since you are getting a divorce you should both take out a very large policy on each other.
you wont sleep well of you know your are messing up, same goes with her. so chances are if you both have a larger policy on each other you both keep on the right path.
My wife and I each have a very larger life insurance policy on each other, seems to be working so far.
2006-11-17 11:34:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on the state you live in. You can ask a Realtor, or an attorney, this basic question. But you can bet that your soon to be ex knows the value of the house and it will be listed in the marital assets.
2006-11-17 09:16:14 · answer #4 · answered by lollipop 6 · 0⤊ 0⤋
If both names are on the deed, both names will need to sign off on the sale.
What you two work out between the equity is up to you and the attorneys.
2006-11-17 09:29:25 · answer #5 · answered by Anonymous · 1⤊ 0⤋
No. If you are on title then you have to sign at closing to sell the house.
Are you sure you couldn't qualify for a mortgage? You might, depending on your credit.
Rick
http://www.fairwaymortgagelending.com
2006-11-17 09:59:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I think since the deed is in your name it is technically yours but you should talk to a lawyer about that. The loan in her name is a tricky thing.
2006-11-17 09:19:34 · answer #7 · answered by butterflykisses427 5 · 0⤊ 0⤋
Get together sign off and say to your lawyer you the house
2006-11-17 12:22:33 · answer #8 · answered by pattibcacl 6 · 0⤊ 0⤋