Clueless

huac68 · Jun 24, 2005

What is the name of your state? New York City. I am currently married but soon to be divorced. We purchased a house together in the year 2001 and now I would like to sell the house and split the profit, but she wants to buy me out. I don't mind that but I know that she can not afford to make the mortgage payments on her own which are $1,635.00 not including gas, electric,water,phone bill, etc.. After taxes she takes home $1,100 every two weeks and we have a 4 yr old daughter. I am willing to work with her and let her pay me the "buy out money" within a certain amount of time. How can I protect myself just in case she decides not to give me the buy out money or do I keep my name on the house until she pays me or will I be forced to pay mortgage while I am not living there?

LdiJ · Jun 24, 2005

huac68 said:
What is the name of your state? New York City. I am currently married but soon to be divorced. We purchased a house together in the year 2001 and now I would like to sell the house and split the profit, but she wants to buy me out. I don't mind that but I know that she can not afford to make the mortgage payments on her own which are $1,635.00 not including gas, electric,water,phone bill, etc.. After taxes she takes home $1,100 every two weeks and we have a 4 yr old daughter. I am willing to work with her and let her pay me the "buy out money" within a certain amount of time. How can I protect myself just in case she decides not to give me the buy out money or do I keep my name on the house until she pays me or will I be forced to pay mortgage while I am not living there?

Clearly she cannot afford to buy you out. Even with child support from you its completely unrealistic unless the amount you would be paying her would be signficantly higher than normal. It also clear that she wouldn't qualify to refinance into her own name to remove you from the mortgage.

Therefore, in order to protect your credit its likely that you might end up making mortgage payments at least occasionally.

It would be far wiser for the home to be sold and the proceeds split...unless she would have significant financial help from family or is likely to have a significant increase in income in the future.

You really need to sit her down and crunch the numbers with her if the situation is amicable enough to do that. Its simply a bad idea all around, for BOTH of you.

Clueless

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huac68

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LdiJ

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