My mom's planning to take a mortgage under her name for a new house (over $300,000). My dad's filing for divorce right now and wanting to claim half of my mom's assets. The deed for the new house will be in my brother's name and my mom's but we will take her name out of the deed as soon as we can. The only reason the mortgage is in her name is so we can have a lower % rate. Is this going to be determined when splitting my mom's assets?
2007-08-21 08:37:01 · 5 answers · asked by Hung N 2 in Business & Finance ➔ Renting & Real Estate
Her equity in the house, meaning how much could she profit if it were sold right then, will be taken into consideration.
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2007-08-21 08:44:39 · answer #1 · answered by Kacky 7 · 0⤊ 2⤋
Can of worms here! If Mom buys before the divorce occurs Dad may have to sign off on it. If she states she is single when she isn't yet, it could be considered fraud. This is why they say don't make any big decisions when you are going through a divorce. Too much room to make a huge mistake. Walk carefully! Hope it goes well and tell her the best way to go forward is to make more money and be happier than she ever has been! (My mothers advice!)
2007-08-21 15:50:36 · answer #2 · answered by helprhome 5 · 0⤊ 0⤋
That sounds like more of a liability than an asset and your dad won't want any part of it. However, there could be a problem if your mom takes some marital liquid assets to use as a down payment. Personally, I would wait.
2007-08-21 09:13:17 · answer #3 · answered by ? 4 · 0⤊ 1⤋
Your mom should hold off buying anything. Because she is still legally married to him. After the divorce she can buy herself a home.
2007-08-21 08:54:29 · answer #4 · answered by Anonymous · 1⤊ 1⤋
i would think so. unless you get it out of her name
2007-08-21 08:45:11 · answer #5 · answered by Jenn S 5 · 0⤊ 2⤋