sweetAJ
newbie
Reged: 12/29/04
Posts: 40
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California...
had a market analysis, came in at saying a starting listing price of about 20k more than what is owed on the mortgage and HELOC.
considering you need to give the cut the the agents, the math would say you would owe money to sell it, and that is even presuming you would get the listing price. Anything less you'd just owe even more.
I currently have sole possession of the home, along w/sole custody of the children. I would like to keep the home, and then sell when/if I can/need/want to.
Would the judge force a sale if there is no benefit to that sale? Would the judge 'award' me the home? We have no other assets, moneywise, other than our pension or profit sharing accounts, to which it'll be you keep yours and I'll keep mine.
We have a fair amount of CC debt, that is mostly in my name, although he was an autho'd user.
What types of scenarios do you see here? thank you
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sweetAJ
newbie
Reged: 12/29/04
Posts: 40
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also, I have been paying the mortgage. There is no order currently in place for child support (alimony will not apply), however he is giving me $$. The child support and other things are going to be addressed within a couple of months, from what I understood from my atty yesterday.
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jaiye
old hand
Reged: 10/27/05
Posts: 860
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Most likely the judge isn't going to "award" you the home. If you want to keep the home the judge will mostly likely order you to pay him 1/2 of the equity in it which would be based on an appraisal and you would have to refinance the loan. Depending on what state you live in most cases debt is assigned by income or 50/50 as are assets. If you can't come to an aggreement then the jusge will decide and order it.
Depending on the amounts in the retirement accounts they could also be ordered split if one of you has more in thier accounts than the other.
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LinusluvsSally
addict
Reged: 08/23/06
Posts: 441
Loc: South Florida
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First, get a couple of more brokers to give you a market value. Just like appraisals, they can look at things differently and come to different conclusions. They won't be that far from each other but if you're giving it to the judge you want it to be as low as possible.
If you can afford to stay in the house then you should try to do just that. You're right that if you sell it would cost you money. Then you still need a place to live. And wouldn't it be great if the kids didn't have to move?
You will have to refinance the mortgage for sure and that could be problematic if you have little equity.
However, If you have to downsize then you should sell and get a smaller place that you can afford more comfortably. But be sure to do so in the settlement or CO so that he has to share in any cost of selling.
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