When a happy marriage has come to an end, you’re only at the beginning of divorce difficulties. One of your top challenges is deciding what to do with a marital home.
Selling your matrimonial house can be stressful enough as is, but when you add on the complications of being under financial pressure due to pre-foreclosure or foreclosure, you could easily find yourself in hot water. Overdue mortgage payments could mean that a quick sale is a need, not a preference.
If a divorced couple’s names are both on the mortgage, an ex-spouse who doesn’t live on the property is still responsible for payments unless action is taken to refinance the mortgage. Additionally, if the mortgage is only in one person’s name, their credit may be at risk should the individual who got the house not make payments.
Disagreeing with your ex partner on selling the family home could make closing a deal with a buyer next to impossible. Whether the issue is the price of the property or if someone wants to keep the house, trying to split marital property can create endless frustration.
Take the burdens of separating assets off your shoulders by calling Sell My House Fast San Antonio TX. As the most experienced and top-quality real estate investor in San Antonio TX and the surrounding areas, we give you the fastest way to sell your marital home despite any divorce complications.
When we say we work quickly, we mean it. We generally close deals in 3-30 days, and our average time is 1.5 weeks. Because we fast-track the real estate process, we leave other selling options in the dust.
Our job is to make selling your home equally fast and easy for you. We take all paperwork and any property problems off your plate. We’ll also negotiate with creditors or your ex-spouse if the need arises.
Selling your house AS IS means making repairs isn’t a responsibility of yours. Our cash offer for your home includes the cost of any home defects. Don’t worry about making repairs: we’ll handle everything ourselves!
Our process leaves you with your profit in hand, plain and simple. We don’t believe in surprising our customers with any expenses or fees to sell their home, so you can expect nothing but cash after we close our deal.
When foreclosure is a real threat, short selling could be a valid option to avoid your credit taking on serious damage. This selling route means selling your house for under the amount of mortgage debt. In many cases the mortgage lender will accept the proceeds and cancel the lien.
Regardless of the divorce decree, you can qualify for a short sale if you or both you and your ex partner are on the mortgage. To clarify, if your ex received the home when dividing real estate in the divorce process and your name is still on the mortgage, you can ask the judge to order to short sell the house if the ex let the house go into foreclosure.
Declaring bankruptcy is an option that could give you the breathing room you need to get a game plan together. Seeing as Chapter 13 repayment plans typically stall foreclosure, you could arrange to sell the property in the meantime or negotiate with the loan lender.
Because divorcing homeowners run the risk of dealing with unexpected tax bills after selling jointly owned property, it’s in your best interest to get a grasp on home sale profit taxes, otherwise known as capital gains.
Whether you’re selling the property before or after divorce, the tax deduction generally factors out to the same end result, seeing as a married couple’s amount is $500,000 and $250,000 per ex-spouse.
However, certain situations aren’t governed by the same rules: when a spouse is not US resident, when the house is held in a trust and if you divorced before July 19 ‘84.
Although this option is costly, you can file a partition lawsuit at any time. However, a court ordered sale isn’t a guarantee. For this reason, you likely need a convincing motive for wanting to sell the marital home without your ex-spouse’s consent.
If your ex partner is unable or unwilling to assume or refinance the loan, contact a lawyer to get your name off the mortgage even if it’s only in your name. You could secure a court ordered property transfer or sale, or petition the court to enforce your marriage settlement agreement.
In joint mortgage cases, a sale can be ordered by the court if the ex living in the house is likely to fall behind or has missed payments. If your name is still on the mortgage, it is your right to take action to avoid damaging your credit with a foreclosure after divorce.
Simply put, sometimes one ex can sell a property without the other’s permission. With that in mind, divorced Texan couples follow the laws of a community property state.
In Texas, a property purchased while two individuals are married is jointly owned even if only one person’s name is on the deed or if one person handled paying the mortgage, maintenance costs, or taxes. A jointly owned property can’t be listed on the market or sold without both individuals consenting to the sale. Additionally, a quitclaim deed is needed to sell if the house’s ownership wasn’t entirely transferred to one individual.
That said, a house in Texas can be sold with only one ex’s consent if the property was inherited while the seller was married, or if the home was gifted to the seller. Because houses in these instances are separate property, different rules apply.
Before you dedicate to taking a course of action, look at your deed to find who owns the house and the type of ownership.