Marital Property

[Peylite]

What is the name of your state?PA

My company went out of business and I was let go. the mortgage payment is now more than my income. Im now forced to sale the property.

we paid 200k
spoused moved out and we owed 155k. the home value was 210k 55k profit
now the pay off is 150k. home value is 212k 62K

I have two questions

1) would the split be 50% of the 55k and I get the remaining 7k

or

would the split be of the 62k

or

would the split be of the 57k and i get the 5k i paid down of the principal after my spouse moved out?

2) Im currently trying to work with my spouse to allow for the higher sale price. If we cant work something out Can I sale the house for 200k to relieve myself of the high mortgage payment? or im I forced to sale it for the max amount knowing I can't make the payments?

Sorry if this is confusing i tried my best to explain the situation.

 

[LdiJ]

What is the name of your state?PA

My company went out of business and I was let go. the mortgage payment is now more than my income. Im now forced to sale the property.

we paid 200k
spoused moved out and we owed 155k. the home value was 210k 55k profit
now the pay off is 150k. home value is 212k 62K

I have two questions

1) would the split be 50% of the 55k and I get the remaining 7k

or

would the split be of the 62k

or

would the split be of the 57k and i get the 5k i paid down of the principal after my spouse moved out?

2) Im currently trying to work with my spouse to allow for the higher sale price. If we cant work something out Can I sale the house for 200k to relieve myself of the high mortgage payment? or im I forced to sale it for the max amount knowing I can't make the payments?

Sorry if this is confusing i tried my best to explain the situation.

The split is 50/50 unless you and she can agree to something different or unless you can get a judge to order something different. However, I suspect that it would cost a lot more than the difference you are talking about to have it contested in court.

 

[adjusterjack]

That's what I was going to write. If you need your spouse's signature to sell, you have no leverage.

 

[Peylite]

so it would be 50% of the total profit of 62k? and I would be out the principle I paid into it? If so that sucks.. but thank you..

what about my second question?

 

[LdiJ]

so it would be 50% of the total profit of 62k? and I would be out the principle I paid into it? If so that sucks.. but thank you..

what about my second question?

That's even worse. If you cannot sell it in a reasonable amount of time for fair market value, then its valid to lower the price. A reasonable amount of time would be the average amount of time it takes to sell a house at fair market value, within that area. If you cause her to lose equity because you prematurely lower the price, then you could get stuck with a contested situation anyway and could end up paying a whole bunch for an attorney plus have to give up part of your share of the equity to give her what she should have received.

 

[not2cleverRed]

Posting hx is relevant: https://forum.freeadvice.com/threads/2-part-support-question-bills-more-then-i-make.652900/#post-3616702

so it would be 50% of the total profit of 62k? and I would be out the principle I paid into it? If so that sucks.. but thank you..

what about my second question?

I take it that this is the marital home, not the rental.

That sounds about right: profit of the home split 50/50.

You have, I assumed tried to sell it for the higher amount. For whatever reason, there has not been a sale. You cannot afford the mortgage payment. She's not paying the mortgage, and she is not allowing the house to be sold for the high price. Please explain how she obstructing/hindering the sale.

P.S. Sometimes in divorce you will not get what you "legally" are entitled to. You have to weight which will costs less: paying your lawyer to fight for it (if your STBX is not agreeable), or letting go. It is easy to rack up $5K in legal fees.