Don't get caught the way I did. I gave my ex two years to refinance and buy out my part of the house at a predetermined price. She trashed the place, the value has dropped and I'm still stuck with a joint mortgage and house I will have to put $20,000 into to sell it and get my money out of it. Oh did I mention if it sells for the new lower value after repairs I'll almost break even.
-----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Ed Leafe Sent: Tuesday, March 06, 2007 8:45 PM To: ProFox Email List Subject: Re: [OT] House equity versus it being sold (in divorce) On Mar 6, 2007, at 8:30 PM, MB Software Solutions wrote: > Well, as some of you know, I'm going through a divorce. The > question I > have is about the house: I was going to simply let her remain and > take > my 50% of the equity at divorce settlement, but someone told me > that I'd > get screwed somehow in that and that the house should be sold instead. > To my understanding, it shouldn't matter, as the house equity is > determined by the appraised value minus the mortgage balance. The > appraised value is most likely what it would sell for, so again, to my > thinking, isn't it the same regardless of selling versus her just > getting a new mortgage and giving me my 50% equity share? I've always heard that if the market you are in is rising, sell it now. If it is falling, take your 50% and let her deal with the downturn. -- Ed Leafe -- http://leafe.com -- http://dabodev.com [excessive quoting removed by server] _______________________________________________ Post Messages to: ProFox@leafe.com Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
