QUESTION
X-wife refuses to sign purchase agreement to sell the home.
Asked on Dec 13th, 2011 on Divorce - Minnesota
More details to this question:
I am having an issue with my x-wife. We jointly own a home and the divorce decree states the house must be sold. It has been on the market for over a year and an offer (first one) was just recently made. The offer is below what we owe on the house. I have proposed a short sale and she refused telling me she will not accept any offer that is not what we owe or more. She also said let it go into foreclosure instead. Is there a way to have my name removed from the mortgage and title and let her deal with it, or what are my options?
1 ANSWER
William/J Joanis
The foreclosure option may be preferable. If the lender is not giving you any benefit from voluntarily giving up your redemption rights, I do not see why you think it is your responsibility to give away what little little value there is left in the house. It is startling to me why people cannot give enough to the banks and bankers. Having said that, review how this is handled in the decree. There is no way, however, the banks will let you off the mortgage. Giving is a one way street when it comes to underwater real estate.
Answered on Dec 14th, 2011 at 5:00 PM