ALoren
recently joined
Reged: 10/23/12
Posts: 13
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Curious about the reasons why a sale of the jointly owned home would be decreed?
I currently live in the jointly owned home. Purchased when were married. House bought for 277,000...owe 204,000. Downpayment was 55,000. I am fairly confident the 55,000 DP is GONE due to the market. I think she mistakenly beleives that 55,000 still exists.
I would like to...
1) Buy her out at fair market value or
2) Wait until a mutually agreed equity exists in the home and then sell and split the proceeds.
Would a judge force a sale at a LOSS when...
I have
1) responsibly made payments to her in the 6 months of our seperation without a need for court order.
2) payments have been made on time in the last 6 months and my finances show that I can endure the current financial load (ie payments to her and mortgage).
3) the home has been properly maintained
I feel she is going to want me to sell based purely on reasons other than finincial...since there is currently little to no equity in the house. I have discussed with her that it is in her interest to wait ( a mutually agreed time) until equity accrues rather than force a sale at a loss.
My main cocnern is that I am 100% holding up my end of the responsibilities to her and children and will still be forced to sell the house. This will be a detriment to both of us...me in particular since I am the sole income.
I would imagine that a judge would consider my perspective as being responsible and would see that she is attempting to force a sale for personal reasons.
What I am not considering?
To be clear...I have six months showing that I can pay her 'x' amount of dollars and continue mortgage (barely, LOL) without a refinance. Bottom line, if I continue to work hard, I think I can do this. So why would a sale be forced?
Edited by ALoren (04/06/13 03:05 PM)
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Goodmom
Pooh-Bah
Reged: 06/17/07
Posts: 2018
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Is your Styx on the mortgage? If so, will you be able to refinance to just your name? If not, then that is oe reason for a judge to order the house to be sold.
Can you afford to buy her out? Of course, you will need to get a current appraisal so that you know the amount of the split. If you can't, then that is another reason that a judge will order the sale.
IMO, waiting for the equity to increase is not a good idea as it keeps you both in limbo and financially entangled (not counting child or spousal support, if any). And it is unlikely that either of you will be able to buy another house unless you are making mega bucks.
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ALoren
recently joined
Reged: 10/23/12
Posts: 13
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1) I am definitely not making mega bucks. However, with the amount I have in my 401 (k) I BELIEVE I can 'afford' to buy her out...particularly when the house has less equity rather than more. Retirement issues aside, a home is not something wasteful when it comes to borrowing from my 401 (k).
2) Yes, my Styx (what is that?) is on the mortgage. And while I dont know for certain, I am pretty confident that I canrefinance on my own as I have an excellent credit rating. In the end, there's only one way to find out...and again, I think it wont be a prob to refi.
3) I agree with the entanglement issue...however, if our generally good relations continue, I dont see a huge problem. That said, I would be interested in protecting both of us in terms of binding agreements that keep the house in order and to a certain standard. Mind you, most of this is just 'going through the motions' because both her and I know that the house is not going to turn into a slum.
As I mull things over, I do think selling the house is the best option and most trouble free. The problem...if we sell with too little equity that leaves her and I worse off in upfront liquidity. Plus, I have less for a downpayment on my own new home. Yes, I know the court or a judge doesn't care about me...but it's something I hope they will consider.
Edited by ALoren (04/09/13 08:34 AM)
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MinnesotaMom
member
Reged: 01/05/11
Posts: 193
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"Yes, my Styx (what is that?)"
You mean STBX, which means soon to be ex.
Styx is a once popular, still touring band out of Chicago.
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Goodmom
Pooh-Bah
Reged: 06/17/07
Posts: 2018
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[quote]1)
2) Yes, my Styx (what is that?) [/quote]
What my iPad decided I intended to type. It is supposed to be stbx (soon to be ex).
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finz
Carpal \'Tunnel
Reged: 06/17/08
Posts: 6481
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lol....your iPad is a Styx fan
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