WHAT ARE MY RIGHTS IN A SEPARATION OR DIVORCE ON MY CURRENT

TWINSPURS · Joined: 20 Mar 2008 Posts: 1 1.40 Dollars($)

MY HUSBAND AND I ARE CURRENTLY SEPARATED AND WILL SOON BE FILING FOR DIVORCE. WE OWN A HOME TOGETHER AND I AM NOT CURRENTLY LIVING THERE BUT I CONTINUE TO PAY HALF OF THE MORTGAGE. HE HAS LOOKED IN TO REFINANCING IN HIS NAME ONLY BUT HAS BEEN UNSUCCESSFUL GETTING AN APPRAISAL THAT MEETS THE VALUE THAT HE NEEDS IN ORDER TO BE ABLE TO REFINANCE. I DO NOT KNOW WHAT I CAN DO FROM HERE IF HE IS UNSUCCESSFUL IN GETTING A REFI.. IT WILL BE IMPOSSIBLE FOR US TO PUT IT ON THE MARKET AND ACTUALLY SELL IT FOR WHAT WE NEED IN ORDER TO PAY IT OFF ESPECIALLY SINCE WE RECEIVED A LOW APPRAISAL LAST WEEK. ANY SUGGESTIONS?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi TWINSPURS,

Welcome to the forum.

I think if even after divorce you are paying half of the mortgage payments and still you are not staying in the house, it is better to ask him to refinance or if he cannot refinance the mortgage on his name only you can better file a Partition lawsuit against him. The property will be sold and the proceeds will be divided between you accordingly.

to more about Partition lawsuit, check out this article at http://www.mortgagefit.com/know-how/removecoborrower.html

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

larry i opened the page that you've asked to read but it's not an article. Seems like another forum post.

gmakerley · Posted: Fri Mar 21, 2008 7:57 am Post subject:

twinspurs, it appears that selling will only result in a shortfall in terms of repaying the mortgage debt; clearly refinancing is not possible if value is less than outstanding balance.

honestly, the best bet appears to be to continue to pay the mortgage. whether that means you contribute to payments or not is something that you and he would need to discuss and work out.

from the sound of it, you'll reap no monetary benefit from selling, though that would at least eliminate the monthly outlay.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi ben,

You are right. I just wanted to refer that community discussion to TWINSPURS as it seems to me important to know for TWINSPURS. I am sorry that I have mistakenly written it as "article" Smile

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