Friend going through a divorce, giving up the house to the ex & going away his heading on the mortgage. Good or unpromising?
Ok my friend is going through a divorce, he is giving her the house and all thats in it. Problem is, they purchased the home together four years ago and his and her moniker is on it. He is willing to give the house to her and consent to her make the payments but keep his describe on the mortgage...This is a baddddddd idea...right?...I told him she should be forced to refinance and get his pet name off of there...wont he be ultimately responsible for making payments beside his name still tacked on...BAD BAD IDEAD I assume
Answers:
If he's get kids with his soon to be ex then he's doing the right article.Why don't you let your friend make his own choices, and stay out of his business. It sounds to me similar to it might be the two of you friendship the reason why he's going through the divorce in the first place.
if he trust her and her ability to make the payments as i deffinately would next to my wife. then it only help his credit untill she sells and at which point im assuming he may have some of the equity within the house coming back to him as royalty. other wise if she is or have been in yesteryear poorly taking care of the bills then its a fruitless idea . if it says on his divoce declaration that she gets the house then he can then fix anything showing he is not reponsible for the debt via a legal contract and his credit is still secure.
SELL THE HOUSE.
Do NOT keep the identify on the title.
If kids are involved, don't be vindictive - but DO take the name rotten the title.
Well.... It could be moral or bad depending on what he has contained by mind. The interest deductions could really come in handy at the closing of the year especially if SHE is making all the payments! If he has to kind all of the payments and child support and alimony then YOU are right! They should be forced to mutually sell the house ( not refinance) and split the proceeds then MOVE ON!
That process nobody comes out a winner and they both get to chomp through the fruits of their failed relationship.Not to be rude but, I hope his divorce was final until that time you got involved( for your sake) But good luck Source(s): Horrors from MY go!
ur right bad choice on his cut....if there's kids involved maybe he's thinking of them. he is entitled to more than walking away with nil.not sure on the situation but i certainly wouldn't leave my designation on a mortgage with someone i'm divorcing. with his describe still on it after the divorce he will more likely get stuck beside it in the long run. i'd say market it and move on with ur enthusiasm. house's are like women plenty to choose from. you have well brought-up house's and bad house's. i'd say subsequent time take time for yourself. there's good women and dutiful houses around...lol
sincerely
audie martin
yes, If she will be making the payments, his name needs to be sour the deed..
if his name remais, at any time he can sue her and catch the house or half its worth..
he is using his brain and has found a course to con her out of plenty of money...
She really needs to refinance or move out and let it be sold within the divorce...
IF SHE IS GOING TO MAKE THE PAYMENTS, HIS NAME NEEDS TO BE REMOVED.
If you are his friend after why did you let him get married. Thats what happen when someone gets married!!
Very, very discouraging idea!!
yes...bad idea...he wishes to get out of that house...I've been in that done that! Got screwed on the deal...tell him to build the judge decide or he'll be very-very sorry within the future!
It is a bad idea. Should own just thrown him out in the first place
BAD
As long as his name is on the mortgage his is responsible for paying partly the mortgage payment. Better to refinance and get his heading off the mortgage or sell the house and distribute her all the cash manufacture from the selling of the house. Or he will find himself in court and nothing will be equal again. Bad credit will be the only thing that come out of this situation, and not to mention wall rupsey.
She needs a good legal representative.
Maybe just a halfway clad lawyer.
Unless his name is bad the deed, he didn't "give" her anything.
If she makes the payments and he gets the credit ranking boost from it then it works in his favor but he still runs the risk of something going wrong. You might convey him to check into a Quit Claim Deed.
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Answers:
If he's get kids with his soon to be ex then he's doing the right article.Why don't you let your friend make his own choices, and stay out of his business. It sounds to me similar to it might be the two of you friendship the reason why he's going through the divorce in the first place.
if he trust her and her ability to make the payments as i deffinately would next to my wife. then it only help his credit untill she sells and at which point im assuming he may have some of the equity within the house coming back to him as royalty. other wise if she is or have been in yesteryear poorly taking care of the bills then its a fruitless idea . if it says on his divoce declaration that she gets the house then he can then fix anything showing he is not reponsible for the debt via a legal contract and his credit is still secure.
SELL THE HOUSE.
Do NOT keep the identify on the title.
If kids are involved, don't be vindictive - but DO take the name rotten the title.
Well.... It could be moral or bad depending on what he has contained by mind. The interest deductions could really come in handy at the closing of the year especially if SHE is making all the payments! If he has to kind all of the payments and child support and alimony then YOU are right! They should be forced to mutually sell the house ( not refinance) and split the proceeds then MOVE ON!
That process nobody comes out a winner and they both get to chomp through the fruits of their failed relationship.Not to be rude but, I hope his divorce was final until that time you got involved( for your sake) But good luck Source(s): Horrors from MY go!
ur right bad choice on his cut....if there's kids involved maybe he's thinking of them. he is entitled to more than walking away with nil.not sure on the situation but i certainly wouldn't leave my designation on a mortgage with someone i'm divorcing. with his describe still on it after the divorce he will more likely get stuck beside it in the long run. i'd say market it and move on with ur enthusiasm. house's are like women plenty to choose from. you have well brought-up house's and bad house's. i'd say subsequent time take time for yourself. there's good women and dutiful houses around...lol
sincerely
audie martin
yes, If she will be making the payments, his name needs to be sour the deed..
if his name remais, at any time he can sue her and catch the house or half its worth..
he is using his brain and has found a course to con her out of plenty of money...
She really needs to refinance or move out and let it be sold within the divorce...
IF SHE IS GOING TO MAKE THE PAYMENTS, HIS NAME NEEDS TO BE REMOVED.
If you are his friend after why did you let him get married. Thats what happen when someone gets married!!
Very, very discouraging idea!!
yes...bad idea...he wishes to get out of that house...I've been in that done that! Got screwed on the deal...tell him to build the judge decide or he'll be very-very sorry within the future!
It is a bad idea. Should own just thrown him out in the first place
BAD
As long as his name is on the mortgage his is responsible for paying partly the mortgage payment. Better to refinance and get his heading off the mortgage or sell the house and distribute her all the cash manufacture from the selling of the house. Or he will find himself in court and nothing will be equal again. Bad credit will be the only thing that come out of this situation, and not to mention wall rupsey.
She needs a good legal representative.
Maybe just a halfway clad lawyer.
Unless his name is bad the deed, he didn't "give" her anything.
If she makes the payments and he gets the credit ranking boost from it then it works in his favor but he still runs the risk of something going wrong. You might convey him to check into a Quit Claim Deed.
Related Questions:
Mortgage financing near doomed to failure credit?
I'm looking to purchase a highrise condominium in downtown Houston next September. I own what is considered deplorable credit by 99% of rating services, but good enough that I be able to finance a different car through a major lender this historic summer. By then...