J
JustWannaHelp
Guest
Virginia/Florida
My Fiance currently owns property with his ex-wife (they've been divorced for over 6 years). He is located in the state of Virginia but the ex-wife and property are in Florida. Both names are on the mortgage.
The property was purchased by him for his wife and her children to live in after they separated. He never resided in the property. Ownership of the property was never addressed in their divorce decree.
The ex-wife moved out and rented the property after she remarried. She claimed all tax benefits. My fiance had nothing to do with the property other than the fact that his name was also on the mortgage.
Unfortunatley the ex-wife had the tenants paying the mortgage directly to the lender and they became deliquent. My Fiance was unaware of this until last summer when he was contacted by the lender that the account was aging considerably.
The ex-wife was in the middle of her second divorce and refused to pay for the mortgage so he has been making the payments for almost a year while the property sat vacant.
The ex-wife now wishes to move back into the property and promises to make payments to the mortgage company.
My Fiance would like her to refiance the property into her name alone. She claims she has tried and has been rejected. She refuses to apply for a high-risk loan or find a co-signer. He is concerned that once she has moved back in, she'll stop paying the mortgage (altogether or in a timely fashion) which puts his credit at risk.
Sorry for the length of the background info but thought it might matter. Here are the questions:
1. Is this a divorce (addendum) issue or a real estate issue?
2. What is the best approach to take to remove him from this situation?
3. What rights does he have?
4. Can he prevent her from moving back into the property?
5. Can he force her to refinance into her name or locate a co-signer?
6. Can he force the sale of the property with division of equity if she doesn't agree to #4 or #5?
Thanks for you help!!!
My Fiance currently owns property with his ex-wife (they've been divorced for over 6 years). He is located in the state of Virginia but the ex-wife and property are in Florida. Both names are on the mortgage.
The property was purchased by him for his wife and her children to live in after they separated. He never resided in the property. Ownership of the property was never addressed in their divorce decree.
The ex-wife moved out and rented the property after she remarried. She claimed all tax benefits. My fiance had nothing to do with the property other than the fact that his name was also on the mortgage.
Unfortunatley the ex-wife had the tenants paying the mortgage directly to the lender and they became deliquent. My Fiance was unaware of this until last summer when he was contacted by the lender that the account was aging considerably.
The ex-wife was in the middle of her second divorce and refused to pay for the mortgage so he has been making the payments for almost a year while the property sat vacant.
The ex-wife now wishes to move back into the property and promises to make payments to the mortgage company.
My Fiance would like her to refiance the property into her name alone. She claims she has tried and has been rejected. She refuses to apply for a high-risk loan or find a co-signer. He is concerned that once she has moved back in, she'll stop paying the mortgage (altogether or in a timely fashion) which puts his credit at risk.
Sorry for the length of the background info but thought it might matter. Here are the questions:
1. Is this a divorce (addendum) issue or a real estate issue?
2. What is the best approach to take to remove him from this situation?
3. What rights does he have?
4. Can he prevent her from moving back into the property?
5. Can he force her to refinance into her name or locate a co-signer?
6. Can he force the sale of the property with division of equity if she doesn't agree to #4 or #5?
Thanks for you help!!!