50% owner and want to sell.

[ronderushe]

What is the name of your state (only U.S. law)? Nevada, Washoe County

Hello,

I am 50% owner of a home that still has a balance on it to a bank and a second home equity line of credit, the total for both loan/credit line is $135,000 owed on the home by myself and my ex-wife. My ex-wife recently moved back into the home as we were using it as a rental property the past few years. She (ex-wife) has a new partner in her life that wants to buy me out of the house which I'm all for, the house is worth about $230,000. I have verbally agreed to him buying my 50% for $40,000 but there is a hitch if you will. Neither of them (ex-wife and partner) have good enough credit to get financing. He has the $40,000 from a 401k that he will be buying me out with and would like me to leave the house on my credit until it's paid off. What are my options as I want to sell and be somewhat done with this.

Thanks,
Ron

 

[tranquility]

You don't really have any options. You will not be "done" with this until you are off title and the loan. Being off title and still on the loan is a nightmare scenario--especially if the title holders have bad credit.

Agree with ex to sell the house. If she doesn't get a partition action and force the sale.

 

[LeeHarveyBlotto]

Your options are to decline that idea and force the sale, or to plan on buying your ex a house.

 

[ronderushe]

Agree with ex to sell the house. If she doesn't get a partition action and force the sale.[/QUOTE]

Non issue, thanks for the reply though.

 

[ronderushe]

Your options are to decline that idea and force the sale, or to plan on buying your ex a house.

This makes absolutely no sense, thanks for the reply though.

 

[ronderushe]

You don't really have any options. You will not be "done" with this until you are off title and the loan. Being off title and still on the loan is a nightmare scenario--especially if the title holders have bad credit.

Agree with ex to sell the house. If she doesn't get a partition action and force the sale.

Partition for Action would pay me pennies on the dollar for what the house is worth, this is not a viable option at this point. Being "done" is a figure of speech that I knew would be picked up and taken the wrong way. I want that cash and have no problem leaving my dip-shiz ex and her new partner on until the house is payed off in nine more years. I'm looking for maybe an owner carry scenario maybe.

 

[tranquility]

Partition for Action would pay me pennies on the dollar for what the house is worth, this is not a viable option at this point. Being "done" is a figure of speech that I knew would be picked up and taken the wrong way. I want that cash and have no problem leaving my dip-shiz ex and her new partner on until the house is payed off in nine more years. I'm looking for maybe an owner carry scenario maybe.

What if they don't pay it off in nine years? What if they miss two payments? You are completely responsible for the loan until it is paid off.

 

[LeeHarveyBlotto]

This makes absolutely no sense, thanks for the reply though.

Makes perfect sense. What I was saying is that if you keep the liability, the probability is somewhere around 99.99999994762% that you'll end up making some, most, or all of the payments on a house you don't own.

 

[latigo]

Partition for Action would pay me pennies on the dollar for what the house is worth, this is not a viable option at this point. Being "done" is a figure of speech that I knew would be picked up and taken the wrong way. I want that cash and have no problem leaving my dip-shiz ex and her new partner on until the house is payed off in nine more years. I'm looking for maybe an owner carry scenario maybe.

Of course you don't want the home sold at public auction, nor would she. But that doesn't prevent you from threatening to do so. So use your option as leverage.

Speaking from experience, often all it take is to make the stubborn co-owner aware that the other owner has that indefensible option. AND that they could get stuck for paying the other's legal costs.

I suggest that you have your attorney advise the ex in writing that:

1. If she does not promptly agree to jointly list the property and allow it remain listed and be fully cooperative in bringing about a sale, the other thing is going to happen, which is

2. The attorney will follow your instructions by immediately filing a petition for partition of real property and seek to have her held liable for the attendant costs and attorney fees.

Now you may have to go so far as to actual file and serve the ex, but even if so, you can dismiss it at you will.
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Another option has to do with your equal rights to the possession and use of the home. Probably you won't wish to move in, but that wouldn't prevent you from letting others. And perhaps someone even less desirable to the ex than you. That would upset the cozy love nest.

If she can allow her current lover to live there, why can't you find some respectable homeless family?
_______________________

Anyway, hopefully your self-imposed predicament might serve as a lesson to some planning on divorce to not to do what was foolishly done here. Meaning unnecessarily creating an estate in co-tenancy in the former marital home!