2007-11-10 11:00:27 · 9 answers · asked by Thomas M 1 in Family & Relationships ➔ Marriage & Divorce
When a couple divorces, they typically split both assets and liabilities. Your house falls in the latter category. You'll have to figure out its negative value, and then one of you will have to pay half that amount to the other one.
2007-11-10 11:06:20 · answer #1 · answered by Happy-2 5 · 0⤊ 0⤋
you are responsible for the negative equity in your home and it can't be sold to another party unless you pay the remainder of the mortgage balance that will be due at closing.so unless you have the cash or loan availability to cover the cost you are pretty much stuck until you can sell your home to break even or get it down to an amount you can afford to pay the difference. it will be very difficult to sell your home for more than it is worth.
2007-11-10 19:21:29 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Ask the bank about a short sale. They agree to take less$, but you'll get a 1099 for their loss.
2007-11-10 20:20:39 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Try to sell it for as much as you can. Otherwise you both will be owing for it.
2007-11-10 19:11:21 · answer #4 · answered by pissy_old_lady 7 · 0⤊ 0⤋
You each get 1/2 of the debt..... then you sell it FAST!!! and move somewhere cheaper - learn to live within your budget, and work on diggin yourself outta the hole of that debt.
2007-11-10 19:06:37 · answer #5 · answered by bc_is_the_place_to_be 4 · 0⤊ 0⤋
You and your soon ex-wife will divide the losses that will arise out of the sale of your house.
2007-11-10 19:04:54 · answer #6 · answered by Belen 5 · 1⤊ 0⤋
split the sale, and split the loses
2007-11-10 19:14:56 · answer #7 · answered by poodle mom 6 · 0⤊ 0⤋
put it on the market for more than it's worth and pray
2007-11-10 19:06:58 · answer #8 · answered by suan b 3 · 0⤊ 1⤋
sign over ur part to her
2007-11-10 19:17:51 · answer #9 · answered by charlesjerrell 7 · 0⤊ 0⤋