unending property settlement

What is the name of your state? Massachusetts.


My husband and I have been separated for nearly 4 years. He resides in the marital home. We have been unable to sell the house because it has deteriorated (needs repairs) and prospective buyers aren't willing to pay $50K for it. I am on the mortgage & note, as well as the deed. Hubby is not motivated to make cosmetic repairs to the house. Can I execute a voluntary conveyance to the mortgage company, and thereby be released from the financial responsibility? He has been making mtge. payments late and damaged my credit. Child support and custody have been agreed to and this is the remaining issue that is unresolved. I am represented by an attorney as is my husband. What can I do?

Thank you.

The mortgage company does not WANT your house. Then THEY have to manage it, pay utilities, and fix it up to sell it.

You need to either deduct an appropriate amount from a list price that a buyer is willing to come in and fix it up, sell it to a "rehabber" cheaply, or get the work done so it shows well and get it on the market at the right price. Call a respected real estated professional in your area and LISTEN to their advice. If they say discount and price it to sell, do it. If they say paint, trim shrubs, pull up yucky carpeting and put a cheap, esthetically pleasing something down, invest to get the place sold.

IF in GOOD condition, what would a property like this sell for? Have you looked closely at market values? Get it priced RIGHT and it WILL sell.

AS you state "no buyers are willing..." I presume there has been an agreement to sell? Chances are "No buyers are willing... at "X" price". Generally, an amount greater than the actual cost of doing the repairs needs to be discounted from the price, as most buyers don't REALLY know what it will cost them to get the sort done.

Nextwife: Thanks for the advice. The house is priced to include payoff of existing mortgage. Yes, we have the house listed with a reputable realtor, who has done comparisons listing values with similar homes in the area. The sale price has already dropped $6K since originally listed in July (allowing for fixing up the house). I live 30 miles away from our former home, hubby lives there. I want off the mortgage note & deed. My credit has been damaged by him with the mortgage showing up as being consistently late for 3+ years. I'm in terminal divorce limbo!

Sometimes, because of deferred maintenance,the house does not have a market value sufficient to pay off the mortgage, if there wasa low DP to begin with. Try contacting your lender's customer service department. Explain that you have tried to sell for X dollars, but have been unable to get anyone to buy at that price. See if thet will consider a split o any shortfall between them, you and ex, so property price can be lowered to sell. Chances are, they'd rather take a bit less for payoff than get the property back. STAY in touch with them and let them know what's going on.

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Get your husband to take you off the loan and the deed, with an amount that you agree to, that you will receive when the house is sold. Your lawyer can transfer the deed, you both have to sign. Just make sure you protect yourself and stipulate how much your settlement will be in writing that your husband will sign.

I'm going through a divorce. I refinanced the home in my name only, he signed it over to me, i paid him a settlement, now there is no more problems with this asset. Good luck, hope your husband will do this. You shouldn't be responsible for the payment, you are not living there. I have lived for 6 months without my husband paying a dime to our 2000$ a month mortgage. I have had to pay every bit of it, thats one of the reasons I wanted this settled before going to court.