Real Estate Question?
Sunday, 8. August 2010
I have been divorced for 2 years. As part of the settlement agreement, my ex received 2 rental houses. Both of our names were and still are on the mortgages. Settlement agreement stated that she must refinance or sell properties within 24 months to remove my name from mortgages. This has not happened and she is saying that she can not qualify to refinance the loans. After expressing dissatifaction with situation many times, she has offered to sign the deeds of 2 rental houses over to me at no cost and will give me 6 months to either sell or refinance out of her name.
Neither house has very much, if any, equity in it. One is vacant and one is currently rented. I think both will rent pretty easily, even in this economy. I do not really want to be a landlord again. One mortgage has a balance of k and the other is k. Since our divorce she has taken a k 2nd mortgage on the k house. This is in her name only.
What should I do? I just want my name off the mortgages!
sdn90036 Says:
It’s very possible that your ex-wife is telling the truth and she cannot get financing for these properties and therefore cannot remove your name from the title.
Your only option is to sell both properties. Or you could be a landlord and hire a property management firm to handle everything. (If you go the property management route, you will probably end up losing money each month.) Best option, sell the properties. If you break even in this market you are a genius.
Good luck.
eonardhomes from lsbcglobal.net Says:
If you don’t want them then sell that is what the agreement is, that is only way to get your name off the mtg.
KoolA Says:
sell your both properties you will end up getting your profit after paying your mtg. do not trust on p’ty managment firm they are vultures and will eat you alive.