Posted on: 04th Nov, 2007 06:04 pm
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In my divorce agreement, I have to buy out my ex husband if I remarry or when my youngest turns 22 (he is 13 now). I would love to buy him out now. The problem is, my credit is bad. I am now working with a credit counseling company, but I was at one time 4 months behind on my mortgage. The house went into foreclosure but I was able to take a hardship withdrawal from my 401K.
What is the best way for me to go about this? What should I be doing so that I can buy him out in the next 2 years or so?
Thanks
In my divorce agreement, I have to buy out my ex husband if I remarry or when my youngest turns 22 (he is 13 now). I would love to buy him out now. The problem is, my credit is bad. I am now working with a credit counseling company, but I was at one time 4 months behind on my mortgage. The house went into foreclosure but I was able to take a hardship withdrawal from my 401K.
What is the best way for me to go about this? What should I be doing so that I can buy him out in the next 2 years or so?
Thanks
Welcome Lisv,
I think you should make him sign a quitclaim deed in return of a transfer of certain amount of money. This way you can buy him out. But make sure that the deed is signed in presence of witnessess and a notary public. Also, record the deed at the Registrar of Deeds after it is notarized by the notary public.
I think you should make him sign a quitclaim deed in return of a transfer of certain amount of money. This way you can buy him out. But make sure that the deed is signed in presence of witnessess and a notary public. Also, record the deed at the Registrar of Deeds after it is notarized by the notary public.
HI Lisv - before you consider buying out your ex-husband, please complete the credit cleanup you are undertaking. I am hopeful that you are working with a counselor who does not charge you for the service, as you should NEVER pay someone to do what you can do by yourself for no cost. Consumer Credit Counseling Service is always the way to go in order to reduce and pay off debt.
As for the buyout, it is really more important, at this time, to square away your credit standing. If you have the funds with which to buy him out, that's great, but you are better served at the moment with cleanup. You have 9 years to do the buyout, and though I realize there is pain involved, you need not be in such a rush to do it. also, if you are trying to refinance to do the buyout, you will need a decent credit report going to the lender.
As for the actual process of buying him out, you should engage the services of counsel, who can direct you and ensure that your interests are protected. The value of a good real estate lawyer is well worth the cost.
And no, I am not a lawyer. I am a mortgage loan originator who has been around a while and seen most, if not all.
I wish you well.
As for the buyout, it is really more important, at this time, to square away your credit standing. If you have the funds with which to buy him out, that's great, but you are better served at the moment with cleanup. You have 9 years to do the buyout, and though I realize there is pain involved, you need not be in such a rush to do it. also, if you are trying to refinance to do the buyout, you will need a decent credit report going to the lender.
As for the actual process of buying him out, you should engage the services of counsel, who can direct you and ensure that your interests are protected. The value of a good real estate lawyer is well worth the cost.
And no, I am not a lawyer. I am a mortgage loan originator who has been around a while and seen most, if not all.
I wish you well.
i need a bit of help, i have a joint mortgage with my x husband we are seperated and i would like to stay in the house and carry on paying the mortage but dont want to sell it, how do i go about doing this coz he would want his share
the house is valued about 110,000 and 34.000 owing on the mortgage
the house is valued about 110,000 and 34.000 owing on the mortgage
lesley, if you can afford to do so, you can (perhaps) refinance the existing mortgage so as to acquire sufficient funds to pay his share of the equity.
you don't have to sell it necessarily, but you'll need to work out with him. perhaps you'll have the opportunity to simply continue making your payments while he moves on elsewhere and not have to share the proceeds of a sale until much later.
if you and/or he have legal counsel working with you, then you ought to work with and through them to figure out the details. i strongly urge you to contact an attorney in any event, especially since you own this home together.
you don't have to sell it necessarily, but you'll need to work out with him. perhaps you'll have the opportunity to simply continue making your payments while he moves on elsewhere and not have to share the proceeds of a sale until much later.
if you and/or he have legal counsel working with you, then you ought to work with and through them to figure out the details. i strongly urge you to contact an attorney in any event, especially since you own this home together.
