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Going through divorce can highlight many reasons why your relationship needed to end. Even when you’re both ready to move on, selling real estate can keep you stuck in place.
If mortgage payments have been on the backburner for too long, pre-foreclosure could be a reality for you. Unfortunately, selling a house in any foreclosure stage can be tricky, and added pressure that grows worse with time does anything but help you think clearly enough to find the best course of action in selling your matrimonial house.
Too many cooks in the kitchen can spoil the soup, and the same rule applies when your ex partner isn’t seeing eye-to-eye with you on selling the family home. Not agreeing on how to split marital property is a situation that can delay a sale and cause serious frustration.
Not owning the marital home your ex got in the divorce settlement doesn’t guarantee that your credit is safe from being affected by missed mortgage payments. If your name is still on the mortgage and your ex is having financial difficulties, you could be left holding the short end of the stick.
Whatever struggles separating assets has thrown at you, the simplest way to close a deal on your matrimonial home is to sell it to Dallas Cash Home Buyers. When you call the best real estate investor in Dallas, TX and the surrounding areas, a quick sale is right around the corner.
By selling your home in 3 to 30 days, you can wrap up the divorce process sooner and easier than you thought possible. We move fast so we can conclude our transaction ASAP!
Whether you’re selling a residence or rental property, we can make an offer regardless of any defects. We’ll include any repairs in the amount we give you to consider, so you don’t pay out of pocket for anything.
We make dividing real estate in divorce straightforward by not saddling you with any expenses or fees. With us, you can count on receiving nothing but easily splittable profit in exchange for your matrimonial home.
By resolving all property problems ourselves and arranging the necessary paperwork to close our deal, we won’t put any additional stress on you. We put in every effort to make selling your home effortless for you!
A short sale is a popular way to avoid foreclosure and protect your credit score from taking a critical hit. By selling the property to an investor for less than what is owed, the rest of the debt can be forgiven by the lien issuer (but sometimes it doesn’t and you are still liable for the difference).
This option is available if both of a divorced couple’s names are on the mortgage, if only one individual is on the mortgage, or whether the divorce decree has led to one of the ex-partners receiving the house. Additionally, if your ex let the house deeded to them go into foreclosure and your name is on the mortgage, you have the option of short selling by taking the matter to court and pursuing a partition lawsuit.
You could delay foreclosure for up to 15 days with Chapter 13 bankruptcy. Since you’re given time for a repayment plan to be filed, you can take this opportunity to negotiate terms with the issuer. Or, you could choose to sell your home.
Capital gains tax can be confusing at first glance, but in reality the amount is the same whether you are selling before or after divorce. To put it simply, you can expect a $500,000 tax deduction as a married couple, or each person can avoid paying up to $250,000 out of the profit gained from selling your house if your divorce has already been finalized.
But it is worth noting that there are exceptions. For example, different rules apply if the property is held in a trust or if you or your spouse is a nonresident alien.
An ex-spouse can sell a house without the other’s permission under certain circumstances. To determine if this is the case for your situation, it’s important to check the property’s deed to review the type of ownership.
In Community Property states like Texas, a jointly owned house purchased during a marriage is still community property after divorce, and that can still be the case if only one individual gets the house. If the house wasn’t fully transferred to an individual during the divorce property settlement, then you need a quitclaim deed from your ex partner to sell. In the common case where a home is jointly owned, the property can’t be sold without both parties agreeing to sell.
While you could pursue a court ordered sale to list your house on the market without your ex’s consent, filing a partition lawsuit costs a pretty penny and isn’t guaranteed to end in your favor. For this reason, make sure your reasoning will be compelling to the court.
A joint mortgage or divorce property settlement doesn’t have to lead to your credit score suffering when your ex can’t make regular mortgage payments. If your name is still on the mortgage, having the court order the house’s sale can save your credit score and help you avoid foreclosure after divorce.
Contact a lawyer if you’re having trouble convincing your ex to refinance or assume the loan as required in the divorce settlement. Getting your name off the mortgage is better done sooner rather than later, so take steps now. Whether the mortgage is in your name only or you are both on the mortgage, you can initiate a legal process to have a court ordered sale.