Take a Chance on a Foreclosure PropertyTake a Chance on a Foreclosure Property


About Me

Take a Chance on a Foreclosure Property

A few months ago, a family friend of mine purchased a foreclosure property. For years, she and her husband searched for a home they could afford. However, their budget wasn’t large enough to buy a new construction in their desired location. They also couldn’t afford the older renovated homes in their hometown either. Thankfully, they found a foreclosure property that they instantly fell in love with. With the assistance of a good real estate attorney, they were able to make their dreams of home ownership come true. On this blog, you will discover how a real estate attorney can guide you through the foreclosure buying process.

Tags

Archive

Divorce: Solutions For What To Do With The House When You Both Want It

Are you planning to get a divorce? Hopefully, you want to do things amicably. However, some divorces can get frustrating, especially when there are assets at stake. If you share a home with your soon-to-be ex-spouse, you may have quarrels if you own a home. Perhaps you each feel entitled to keep the home. This can make an already difficult situation worse. Despite the bickering, you need to take time to think things over. You have multiple options, and a resolution is possible. You cannot split the house in half and have each of you leave with your half. Therefore, it is essential to determine the equity in the home. The following points can help you guide your way down this difficult path.

True Ownership

One of the first things to note is whether one party is even entitled to keeping the home. You need to address when the home was purchased and by whom. If the purchase was made prior to the marriage or inherited prior to the marriage, then the purchaser or heir will probably have more entitlement to the home. An exception to this rule would be if, upon marriage, the other spouse was added to the deed. Another exception would be if the home got refinanced and both individuals' names were on the loan to refinance. 

Determine Equity

If spouses cannot negotiate who keeps the home, a judge can make the final decision. However, there are alternatives if both individuals can get their attorneys to review the value of the home and determine the equity. This is similar to saying, "Keep the house, but I want my fair share of what I have contributed to it." The spouse who keeps the house may have to pay the other spouse their equity. 

Other Assets

Perhaps you and your spouse have several assets. You could decide that one of you will keep the house as long as the other one gets the boat, cars, or other valuables. This is a friendly negotiation that could work well for both parties, especially if you do not want a messy divorce.

Sell It

Sometimes you have to agree to disagree. Selling the home may end up being a good route to take. Your divorce lawyer can help you through the process, and it may also benefit you to seek the services of a real estate lawyer to ensure that the sale and division of the profits go well.

For more information, contact a divorce attorney.