Heya Michael -
[But how to force her to sell it, as we're co-owners? She doesn't want
to sell it. I'm sure she wishes I'd just hand it over to her. Likewise
I wonder with the 50%...when do I get that? At settlement, I guess.
That's something I need to ask my lawyer.]
As to 'force her to sell it' - the sale of the home could be part of the
divorce decree - but there are specific laws to both your state and your
county that govern this. The house does not need to be sold to a 3rd
party - she, in effect, can buy the house from the 'joint ownership'
instead, in the manner I described in my previous post.
As to 'She doesn't want to sell it.' - approach it from the concept of YOU
getting your name off of the mortgage. There are a few different ways to
approach that without selling the property to someone else. See my
previous reply.
As to 'I wonder with the 50%...when do I get that? ' - there are a few
different places/areas in any transaction where you could get your payout.
- When the mortgage is done in HER name, you can put a lien or deed of
trust on the property in the amount that she owes you. When she pays you
in full for your 50 percent, you can have the lien removed. However, if
you do have a deed of trust, you can SELL that deed of trust for a
discounted price and receive cash. 90 percent of 50 percent is better
than zero percent of 50 percent, anytime, yes?
- The amount could be allocated at time of settlement, but you may not
see the amount, if ever, unless you set forth wording in the divorce
decree that covers EXACTLY when and how the payment to you is to be made
by her.
- as is, right now, you could add in a deed of trust or lien on the
property for the 50 percent of the current equity amount. When/if the
house is sold, you HAVE to be paid that amount because you have a deed of
trust on the property. She would have to agree to it, of course, as she
has to SIGN the deed of trust as well. It does force her to pay you,
however. Well, OK, it doesn't FORCE her to pay you - but she'll have a
hard time getting a new mortgage (which was the point to begin with,
yes?) and also you'd have to sue her to get yet another settlement
against her. Grrr.
Right now you have a strong position - the house is in BOTH of your names,
and the MORTGAGE is in BOTH of your names. Check your mortgage paperwork
carefully for such phrases as 're-assignment' or 'transfer' - and I don't
mean by the note holder/mortgage company.
You might want to call your mortgage company and ask them directly. If
need be, fax your questions, ask for a faxed reply - then you've saved 5
hours of lawyer time.
Ideally - you should have the current mortgage redone, your 50 percent of
equity (computed at time of sale to reflect the reduced interest amount)
paid out to you, and a new mortgage (for her, in her name only).
Warmest Regards [Bill]
--
William Sanders / efGroup {rmv the DOT BOB to reply}
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