Who's name is on the deed? Are you current on the mortgage? Do you want to sell the home? Is it worth more than you owe?
If both names are on deed - no
Current on mtg and don't want to sell - no
Worth more than you owe - no
Any financial hardships (other than your ex) - no
Have the court enforce the divorce agreement and have deed conveyed to you - just my suggestion - check with your attorney
Disclosure time: I am not an attorney and this should not be considered legal advice. Always speak to your legal and tax advisor before taking action. This is only an opinion of the writer and may not be the opinion of the sponsors or advertisers.
First off, relax and look at what you have, or do not have. In the Divorce arena, talk is cheap and meaningless. Take a deep breath. The court order is all that is meaningful.
Take a good look at the Divorce decree. If you got the house, the title should have been changed by your divorce attorney when the divorce was finalized. I have found that most (yes most) attorneys fall short of this next to the last task after a divorce.
The person who owns the property is the name(s) on the deed as recorded in the County Recorder's Office in the county where the property is located. This has nothing to do with the mortgage responsibility. Look up the deed and see whose name is on it. That is the owner. Many times this information is available on the web or you can call the county recorder's office and ask who the legal owner is.
#1. If the divorce decree shows you get the house, tell the ex-wife to pound sand. Be nice and send her attorney the divorce decree after you tie him up for a few hundred hours costing her the hourly rate he charges.
The mortgage is another issue. The divorce decree should state if the owner of the property after the divorce must remove the other person's name off of the mortgage to free up their credit or this is not needed. This would be a court order to you if you were to take ownership of the property. I have found that most (yes most) attorneys fall short of this last task after a divorce. In the event that you were not ordered to remove her name off of the mortgage, see item 1 above. The only way the bank will get one of you off of the loan is to refinance it or sell the property. The mortgage company has 2 people on the note, they want as many people on the note as possible.
A refinance is not out of the question to remove one of the players off the note. Speak to your friendly Realtor with a "CDAT designation" about the HARP 2.0 and HARP 3.0 programs. Your Realtor will direct you to a loan officer that can assist you. That may assist you in removing her name and lowing your payments all in one swoop (if and only if you really, really do own the property after the divorce) at no cost to you. Your lender may also assist you if this is the avenue you want to travel.
If the divorce decree does not state explicitly that the house is yours, the problems increase by multitudes. The divorce decree will state what happens to the real property. You may be visiting your divorce attorney once again to settle the matter.
You may be able to enlist the assistance of a Realtor with the CDPE or CSP designations to determine the amount of funds that will be received by selling the property. Divide that figure in half, and pay her that amount to settle. If it is a short sale, the Sellers will receive no money from the sale of the property. Period. That is the rules of a short sale. Divide that in half and write her a check. I suggest you do not pay anybody to short sell your property. The Banks are paying the Real Estate professionals and attorneys if needed. There is no reason for you to pay anyone for providing this service to you.
If you do a short sale and there is a deficiency, she may be responsible for a portion or all of it if she forces the sale. Talk to your attorney about this issue. Since she does not live in the property, she may have a tax liability to the IRS for her portion of the forgiven deficiency if you do a short sale. Both of you need to chat with her tax advisors before anything is done.
Look at the questions posed by my colleague Louis. He is asking the correct questions. As you can tell, States have similar laws. The attorney can tell you specifically what plan to take. Remember to have fun in whatever you do.
Please let us know how you end up.
Disclosure 2 nd time: I am not an attorney and this should not be considered legal advice. Always speak to your legal and tax advisor before taking action. This is only an opinion of the writer and may not be the opinion of the sponsors or advertisers.
New Web Sites:
Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.
Steven Goldman, CRS
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Probate Real Estate Specialist (CPRES)
Certified Short Sale Professional (CSP)
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
Prudential Americana Group Realtors
702 544 4022
If you were granted the home and you are current on the loan what does it matter to her... She needs to honor the court order which granted you the home..
Besides if you short sale you make no money from the sell. It all goes to the bank that is paid short.
It does not make sense..
Also, make sure that when you were granted the home that the property was quick claimed to just your name.
Please let me know if there is anything I can help you with, if you decide that you do need to list and short sale your property.
Bridgette Villamor , REALTOR
c. 702-203-9855 I o. 702-856-7400 I f. 702-974-1732
5510 S. Fort Apache Ste #13
Las Vegas, NV 89148