Let me start out with a disclaimer that I'm not giving legal advice, But I would watch out what you agree to during a divorce in todays real estate market.
I went out on a listing appointment last night, and something became appearant to me that I haven't really observed before.
I met with a lady who was divorced about a year ago, and her husband Quit Claimed the property to her which gives her full-ownership and equity. Now that sounds okay, but what happens now that she found she is about $15,000.00 up-side down and can't afford the home, and she must sell. Also, the divorce decree says she must sell in 2012.
Whoo she has a problem...
I would be careful with Quit Claims today because you might be taking on the ex-spouses negative equity also. Now I might be violating my Male Union Card organization with this advice, but hear goes.
I suggested, that I believe her ex husband is still on the mortgage and a Quit Claim Deed doesn't remove him from the responsibilty of the mortgage. I suggested that she contact him and see if they can work this out, if that doesn't work contact her lawyer, and the mortgage company to find out what happens if the property is Forclosed upon. Yes I did suggest a "Short Sale" because I'm sure she meets the hardship requirements.
What's Your Thoughts?
Thanks
Don Keeton RE/MAX The Producers of Omaha Nebraska
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