He wants the house, I want to sell it.

hurtnme · Joined: 05 Dec 2007 Posts: 7 3.96 Dollars($)

We both are on the loan for our house. Him primary. Me secondary. We are splitting up. So, we need to do something about the house. He makes more money than me. I can not afford to keep the house myself. He thinks I should sign my part of the house over to him. I am aware that could be done. However, I think We should sell the house and split the profit or loss. Does that not sound reasonable? It's our house, not just his, not just mine. So sell it! If He does take me to court and tries to get me to sign over the house, what would the judge tell us? They can't make me sign over my part if I refuse can they?? Then, what will happen if they do a partition lawsuit? This is just getting too ugly!! I can't believe this. Thanks so much for your advice. I'm interested in hearing a little more about the partition lawsuit. If he files a partition lawsuit, would I also have to sign, or agree in order to sell the house? Then after it sells we both equally have to split the gain or loss? Thanks again. Can't wait to hear more. What would you recommend that I do?

I tried to continue on the last posting, but the site keeps telling me "debug mode" when I go to submit the question, so sorry for having to start a whole new question.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi,

If your husband files a partition lawsuit, it will not harm you. Rather that will maker it happen what you wish to do- that means selling the house. After paying the mortgage, profit will be divided between both of you equally if there is any. And if there is any negative balance, both of you will have to pay it.

"What would you recommend that I do?"
Your husband is willing to assuming the mortgage. So you are free from the mortgage. That is good. Isn't it? So relax. You can quitclaim but before that ask him to pay you your share of equity. Have talked about it with him? Isn't he willing to pay you your share of equity? Waiting for your reply:)

You can also talk with an attorney regarding this.

Thanks,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Hurtnme,

If your husband is willing to keep the property, then I think it is better to remove your name from the title by a quit claim and your husband may refinance the mortgage in his name. Then you will not responsible for the property but you may claim your share of equity.

If you are willing to sell, then you may force a partition lawsuit against your husband to sell off the property.

chrisburns · Posted: Fri Dec 07, 2007 8:07 am Post subject:

Option 1. Sell the house as you requested and split the proceeds evenly

Option 2. IF he is adamant about staying demand that he refinance the loan taking you off title and mortgage and paying you your portion of the equity from a cash out refinance. This way you get your money out and he keeps the house he wants.

lisascherzer · Joined: 04 Jan 2008 Posts: 749 0.10 Dollars($)

He should pay you your part of the profit that you would recieve if it were sold. I have worked with many clients in this situation and they way its done is that they get an appraisal to determine the value of the home. Then, you subtract the mortgage, costs to sell, and divide into two to determine your share. Then he will refinance the property in just his name for the amount of the mortgage plus your share to buy you out. I can walk you through the process since this is what I do for a living. edited for solicitation......

All times are GMT - 7 Hours

Page 1 of 1