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Co ownership of Home after a divorce

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Nucker

Junior Member
What is the name of your state (only U.S. law)? Wisconsin

I've been divorced for a year, and my ex wife and I decided to co own our home. We pay our mortage, but have not indicated to our mortgage company that we are divorced. Will we run into problems if we sell the home?
 


LdiJ

Senior Member
What is the name of your state (only U.S. law)? Wisconsin

I've been divorced for a year, and my ex wife and I decided to co own our home. We pay our mortage, but have not indicated to our mortgage company that we are divorced. Will we run into problems if we sell the home?
No, you will not...unless you sell the home for less than what you owe on the mortgage. Then it could get sticky.
 

mistoffolees

Senior Member
No, you will not...unless you sell the home for less than what you owe on the mortgage. Then it could get sticky.
It could also get sticky if the two of them have any disagreements on how to split the proceeds.

I've said it before - it is NEVER a good idea to leave loose ends in a divorce. Unless they have VERY specific wording in their decree about selling the house, maintaining the house, and how to split the proceeds, there could be trouble in the future.
 

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