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Dividing assets can push you past your limits for how much stress you can take. Considering the complexities of selling your matrimonial house, a quick sale could be a pipe dream.
If the mortgage is joined or is in your name only, the possibility of your ex missing mortgage payments means your credit can still be in danger even though you don’t own the house after the divorce property settlement.
Although dividing real estate in a divorce could be made smoother by both parties working together, a divorced couple typically runs into trouble since the odds of disagreeing on what to do with the property can be high. Unfortunately, a disagreeing ex partner can delay a sale and throw off your plans.
Splitting marital property without the added pressure of a serious financial situation can wear on homeowners enough, but if you’re trying to stop foreclosure while going through divorce proceedings, you can be on another level of stress. Selling the family home fast could give you a break, while waiting months or years for an offer won’t help.
Divorce can be messy, but selling your marital home doesn’t have to be. You can profit from your Columbus house or your property in the surrounding areas quickly and easily with an experienced real estate investor. Columbus Cash Home Buyers can make an offer on your home as is today!
Our fast process is different from other selling options out there. We take the wheel so you don’t have to worry about a thing, and we do the work so you can sell in 3-30 days no matter the complications.
There’s no need to worry about fixing any property defects, making any updates yourself, or going to any lengths to spruce up your home. We’ll include estimated costs in our offer and handle problems ourselves after we close our deal.
We don’t involve any middlemen or leave you waiting for mortgage approval. Instead, you get cash for your property fast and don’t have to stress over any surprise fees taking away from your profit.
We pride ourselves in taking the stress out of selling real estate. Going through divorce is hard enough, so we’re happy to help by taking care of paperwork, negotiating with creditors, and handling your ex to close our deal.
A short sale is when the lender consents to a property being sold for less than the debt owed by the sellers. In some instances, the lender then forgives the remainder of the debt after the sale.
When both of your names are still on the mortgage, short selling your home requires both you and your spouse to qualify for a short sale, regardless of the divorce decree. To accomplish this goal, a real estate investor can help.
Declaring bankruptcy may be a tough choice, but doing so creates a small window of opportunity. You can have 2 additional weeks to file for a Chapter 13 repayment plan, which is the time you can use to find a buyer or compromise with your lender to ultimately avoid foreclosure from causing even more damage.
Capital gains tax can be an intimidating concept, but understanding the general gist of it means you can accurately predict what profit you stand to collect.
In short, the amount of tax exemption is the same for both those selling before divorce and those selling their house afterwards. If a married couple sells and files a joint tax report, then the deduction is $500,000. If a divorced couple sells, then each person receives $250,000 deduction.
But exceptions exist. For example, if your spouse is a nonresident alien, if your property was a gift, or if your home is held in a trust, other rules apply.
One ex spouse could sell a property without the other being onboard under certain circumstances. To know where you stand, review your deed and ownership type.
Because Ohio is a common law state, the person whose name is on the deed can sell the house no matter what the other party’s thoughts on the matter are.
If you aren’t the sole owner of the home or rental property and the residence is currently owned as tenants in common, you could list your part of the house for sale. With that said, it is important to note that the odds of someone making you an offer can be slim.
Whatever your reason is for needing to force a sale without your ex’s consent, you can try to get a partition lawsuit confirmed by the court. It’s important to note that pursuing a court-ordered sale isn’t cheap, and you could walk away empty-handed if the court doesn’t find your reasoning sound enough.
The court can be on your side if you’re trying to avoid dealing with foreclosure after divorce because your ex-spouse can’t manage the mortgage payments. If you’re stuck in a joint mortgage or if the mortgage is only in your name, forcing a sale could be your only way out.
If your former partner isn’t quick with refinancing or assuming the loan after the divorce settlement that requires it, contact a lawyer. Getting your name off the joint mortgage or having the court force the house to be sold if the mortgage is in your name only could save your credit.