who gets the final call on the house?

[haha123]

What is the name of your state (only U.S. law)? Oklahoma

so suppose both Me and wife's name are on the mortgage and deed. I want to either sell the house, or somehow get one of our names off the mortgage. Wife says "No, I want to keep the house in both of our names, wait the economy gets better, and then sell the house so we can make a better profit (could take at least 1 more year)." Logically, the wife's idea is probably a better financial move , but then again this makes it more complicated for the me to move on with my life emotionally. I do not want to deal with any potential drama of sharing an investment.

If both parties are at a disagreement on what to do with the home, what options are there? I've even went as far as giving her the house and voluntarily taking my name off (without taking compensation). but I think the problem is that we have no equity on the home since we just refinanced, so she wont be able to refinance. I've poured 3 years worth of mortgage payments on it and I just want to get this baggage off my shoulders.

[nextwife]

If she wishes to keep the house and stay, then have her refinance the loan now into her name and buy out your interest at the current value. She gets what she wants (the house, and the right to wait out the market as long as she wishes before selling) and you get what you want (Off the loan and done with the house). Win-Win.

[haha123]

Originally Posted by nextwife

If she wishes to keep the house and stay, then have her refinance the loan now into her name and buy out your interest at the current value. She gets what she wants (the house, and the right to wait out the market as long as she wishes before selling) and you get what you want (Off the loan and done with the house). Win-Win.

well, there's a few issues here:

-She doesn't necessarily want the house. She only just wants the potential profits on the house after selling it. She knows that my name being there is a cushion in case anything goes wrong.

-there might be problem refinancing due to the limited equity. Even if it is possible, she might does not want to refinance if it's gonna cost her out of pocket.

-she knows she is not in a good financial situation, so she cannot afford payments on it (if our tenants can't make payments on it).

That's why I even went as far as just giving it to her (she knows she can't pay for my share, and has no plans to pay for my share).

basically,
1. she wont give the house up, and 2. she wont let me give the house up.

[Ohiogal]

Originally Posted by haha123

well, there's a few issues here:

-She doesn't necessarily want the house. She only just wants the potential profits on the house after selling it. She knows that my name being there is a cushion in case anything goes wrong.

-there might be problem refinancing due to the limited equity. Even if it is possible, she might does not want to refinance if it's gonna cost her out of pocket.

-she knows she is not in a good financial situation, so she cannot afford payments on it (if our tenants can't make payments on it).

That's why I even went as far as just giving it to her (she knows she can't pay for my share, and has no plans to pay for my share).

basically,
1. she wont give the house up, and 2. she wont let me give the house up.

And until a court tells her otherwise she doesn't have to. You state she is your WIFE and not your ex-wife. How far into the divorce are you? Until the divorce is final a court will not order her to remove her name from either the mortgage or title. And even after the divorce is final, they cannot order her to sell the house -- they can on.y order her to put the house on the market.

[LdiJ]

Originally Posted by haha123

well, there's a few issues here:

-She doesn't necessarily want the house. She only just wants the potential profits on the house after selling it. She knows that my name being there is a cushion in case anything goes wrong.

-there might be problem refinancing due to the limited equity. Even if it is possible, she might does not want to refinance if it's gonna cost her out of pocket.

-she knows she is not in a good financial situation, so she cannot afford payments on it (if our tenants can't make payments on it).

That's why I even went as far as just giving it to her (she knows she can't pay for my share, and has no plans to pay for my share).

basically,
1. she wont give the house up, and 2. she wont let me give the house up.

Her idea of holding on to the house, particularly if you have tenants paying rent and covering the mortgage, is not a bad idea financially.

True, its not the clean break that you might want emotionally, but its a wise step financially. The only other real choice at this point is to ask a judge to force the house to be put on the market, but if that happens both of you could end up dealing with the cost and credit damage of a short sale.

However, you are probably looking at more than a year, I would say two or three is more likely needed for the market to truly rebound.