Financing in 32707>Question Details

Donna, Other/Just Looking in Casselberry, FL

Keeping the house in a divorce but not on loan.

Asked by Donna, Casselberry, FL Fri Sep 12, 2008

I'm in the middle of a divorce and my husband doesn't want the house. The mortgage is in his name but I an on the deed. Not sure about the title. If the I don't take the house then my husband will have to forclose on it since he can't financially aford the home. If the mortgage stays in his name is there a way for me to claim the interest on my taxes since I'm the one making the timely payments? I'm in the process or trying to get the loan either refinanced or something. The only problem is due to current market conditions we owe more than the home is worth. Any suggestions?

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You do need the advice of a divorce Atty. Division of assets will always be an argument or the courts will decide for you. Division of assets includes all Debt. You may not want the home due to the value unless the Lender works with you. Interest expense will be determined if you file a Joint tax reurn or as a single tax payer.
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0 votes Thank Flag Link Sat Sep 13, 2008
On the surface of things, it seems that you would not be eligible to take the tax deductions. Getting refinanced with the conditions you mentioned may become difficult... Title in one name, mortgage in an other... pending divorce, etc. The best advice is NO advice- seek the help of an attorney and accountant.
0 votes Thank Flag Link Fri Sep 12, 2008
Hi Donna,

We are sorry to hear about your recent stressful experience....

On the surface, it appears that your initial energy should focus on a plan that includes a devision of your assets. As previously mentioned, this could be facilitated by an attorney.

Good luck,
0 votes Thank Flag Link Fri Sep 12, 2008
If you are going through a divorce, are you using an attorney? he should be able to answer these questions. Also, if you are not using a divorce attorney, consider using a real estate attorney for your specific needs--it might be very helpful to you now and in helping you to make the right call for your future. As realtors, we cannot give legal advice or interpret legal documents. Best luck to you in your new future!!
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0 votes Thank Flag Link Fri Sep 12, 2008
You can get free legal advice from an attorney via the Florida Bar if you want to stay in the home and avoid foreclosure.

Give them a call: 866-607-2187
0 votes Thank Flag Link Fri Sep 12, 2008
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