What is the name of your state? California
My wife and I are divorcing, but owe about $60,000 more on our house than its worth - so selling or refinancing is not an option. We have no other property or assets and neither of us can afford to buy out the other. Neither of us is requesting any support or additional monies/itema form the other - it's otherwise very clean and amicable. Our plan is to retain joint ownership until prices rise (sometime in the next half decade, hopefully) and work out a deal between us regarding who pays what. As regards to the court, is that something we would be able to do?
Our other option is to try to convince our lenders to accept a short sale. We probably don't qualify since we can continue to make the payments. Does anyone have any advice regarding divorces and short sales (eg: Are lenders more apt to accept a short sale in that situation?)? It would be nice to divest myself of the place, just to not be tied to the house if I should decide to move elsewhere (she is moving out of state).
My wife and I are divorcing, but owe about $60,000 more on our house than its worth - so selling or refinancing is not an option. We have no other property or assets and neither of us can afford to buy out the other. Neither of us is requesting any support or additional monies/itema form the other - it's otherwise very clean and amicable. Our plan is to retain joint ownership until prices rise (sometime in the next half decade, hopefully) and work out a deal between us regarding who pays what. As regards to the court, is that something we would be able to do?
Our other option is to try to convince our lenders to accept a short sale. We probably don't qualify since we can continue to make the payments. Does anyone have any advice regarding divorces and short sales (eg: Are lenders more apt to accept a short sale in that situation?)? It would be nice to divest myself of the place, just to not be tied to the house if I should decide to move elsewhere (she is moving out of state).