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The legal process of divorce and separating assets demands continued attention and effort. Considering the difficulties of selling your marital home, you could be in for an exhausting road ahead.
If your relationship began to take a turn for the worse due to overdue mortgage payments and pre-foreclosure was the final nail in the coffin, you could be in a hurry to sell the house to stop foreclosure and save any equity you have in the property. With emotions running high, adding a pressing deadline to make up for what you owe can do nothing but complicate matters more.
Splitting marital property can rely heavily on both you and your ex-partner having the same end goals in mind. If a divorced couple isn’t in agreement on the asking price, how to split assets, or selling the property at all, the judge may make a decision for them.
If the divorce property settlement wasn’t written by an experienced attorney, your name can still be on the mortgage after divorce. This means whether you have a joined mortgage or if the mortgage was only in your name, your credit could be on the line if your ex can’t keep up with payments.
Divorced homeowners in LA and the surrounding areas can make dividing real estate in a divorce straightforward and simple by closing a deal with Los Angeles House Cash Offers. Call today to guarantee yourself a quick sale and have us sort out any complications with selling your matrimonial house.
Speed is one of our top priorities, which means you can count on us to fasttrack your way to collecting your profit. Typically, we close deals on rental properties and homes in any condition within 3-30 days.
You can sell the family home as it stands today without stressing over any needed repairs or improvements. We’ll include estimated costs to fix up your home in our offer, so your cash amount comes with no strings attached.
We make it easy to understand what you stand to gain through selling your house by never including hidden fees or any expenses you need to worry about paying. We make your profit ready to collect and split ASAP.
We want to take as much off your plate as possible, so we’ll take care of all necessary paperwork to sell your home. Plus, we can resolve other property-related issues caused by debt or your ex-spouse through negotiating ourselves.
A short sale is one way to avoid foreclosure that involves the property being purchased for less than what is owed, and sometimes the rest of the debt is forgiven. To conduct a short sale, you most likely need a real estate investor, as regular buyers aren’t willing and don’t know how to deal with this kind of complication of buying a home.
If the divorce decree led to your ex-spouse getting the family home and your ex let the house go into foreclosure, you could force a short sell against your ex’s wishes with a partition lawsuit and avoid your credit score being at risk.
When you’re blocked from short selling, bankruptcy could work in your favor. By filing for a Chapter 13 reorganization and repayment plan you can temporarily stop the clock on foreclosure and have additional time to sell your property or negotiate with your lender.
Make sure you have an accurate grasp on what your profit will be by knowing what to expect in terms of capital gains tax.
The bottom line for the tax deduction is the same for a couple selling before divorce and two individuals after divorce. If you sell before divorce is finalized, you and your soon-to-be ex receive a tax deduction of $500,000. Meanwhile, each individual in a divorced couple can save $250,000 per person.
However, some cases do not follow these guidelines. Properties given as gifts or held in trusts are subject to different rules, as are spouses who aren’t American citizens.
In some states and in certain circumstances, it is possible for one person to sell the house against their ex’s wishes. Generally speaking, a good rule of thumb is to check to see whose name is on the deed and review the ownership type.
Because California is a community property state, both individuals must agree to sell a house in LA if the property is jointly owned. If you bought the house during the course of your marriage, the residence could still be community property even though only your name is on the deed. The rule still applies if only one individual paid for the mortgage, taxes, and other property expenses. To list the house on the market if the ownership hasn’t been completely transferred, you need a quitclaim deed from your ex.
But if you inherited or received a house during your marriage as a gift, you can sell without your ex partner’s consent because in this case it is a separate property.
You can file a partition lawsuit at any time and for whatever reason you see fit. But with that said, this route to selling without your ex-spouse’s consent can be expensive and is not a sure-fire way to secure a court ordered sale.
You can stop a joint mortgage from leading to you suffering through foreclosure after divorce. When a person not living in the house has their name on the mortgage, a court ordered sale can prevent you from being affected by your ex missing payments.
Get in touch with a lawyer to start the process of getting your name off the mortgage if your ex won’t refinance or assume the loan themselves despite the fact that it’s specified in the divorce decree. If your ex has the house and only your name is on the mortgage, a court ordered sale can save you from missed mortgage payments dragging your credit down.