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Another selling for a loss question
XH and I had been separated for a year and the divorce was just finalized. We planned (in our divorce decree) for XH to complete an assumption and have the mortgage transferred into his name exclusively. So he just finished the paperwork and we are waiting to hear back, but he sent me an e-mail saying that he's not sure he's going to qualify and would I try the assumption. Even if I could get approved, I could not afford to carry the house myself. So we may end up selling for a loss if this happens.
If you sold for a loss (or are considering it), where did you get the money from? Did you have it all in savings? Did you take out a loan to pay for the difference? At what point would you need to short sale your house vs. trying to come up with the money? I honestly don't know what the assessed value would be at this time- I haven't set foot inside in a year- but we would probably need to bring 20k + to the table. My savings have taken a hit because of the divorce, so I'm not financially "liquid" as I would like to be.
Re: Another selling for a loss question
We are putting are place on the market shortly and may sell for a loss or may just break even. Worst case (based on the comps), we'd need to bring about $10K to closing. This will come from our savings. Market values have fallen in our area and we delayed selling our place until I could get the mortgage down to this point (I've been paying alot of extra principal each month for the past 9 months).
We would not qualify for a short sale due to our income and savings (nor would I want to do one if we could avoid it because of the impact on credit).
A first step for you might be talking to a realtor to determine the current value of the house.
I am completely unwilling to pay anything additional towards the mortgage at this point. If we have to delay selling, I'll still have to pay a portion of the mortgage, even though I don't live there (and XH does), in addition to my own housing costs.
I do NOT want to short sale, but I'm also afraid XH is going to try to screw me over and not pay his portion of the difference, which means I will need to come up with even more cash.
If the assumption for him does not go through, I will have to force my way into the house to get it appraised by a realtor. Maybe I can convince him to let me set up an appointment while we are waiting, just as a back up plan. He has refused to do this thus far, so I don't even know the current condition of the house.
Have you talked this over with your divorce attorney? It sounds like you're drawing a lot of conclusions.
Earlier this year we were talking about selling for a loss and had talked with a local bank about a personal loan for the $30k. The payment would be like getting a new car, so pretty manageable compared to the albatross of caring for the house. The bank's in DH's tiny hometown, though, so you just walk in and chat with the guy who coached your Little League team and he knows you're good for it and hands you the money. I know it wouldn't be so simple in a big city with a big bank.
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I would consult your divorce attorney about this, but I would also get a second opinion from another attorney, because it sounds like you may not have had the best representation. There really should have been an alternate plan in your decree in case the assumption doesn't work out.
I think it makes sense to get an appraisal, but you need to know what your legal options are if your XH doesn't cooperate. I understand not wanting to put anymore money into the house, but you need to know what your potential liability is if he defaults.