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Barrister
Barrister, Lawyer
Category: Family Law
Satisfied Customers: 22574
Experience:  Attorney with 14 years experience
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Customer Question

bhiuhhohoohhkhk
Submitted: 3 years ago.
Category: Family Law
Expert:  Barrister replied 3 years ago.

Hello,

.

I think your question must have been cut off. If you can repost it, I will try to assist or see if I can get you to someone who can.

.

.

thanks

Barrister

 

 

Customer: replied 3 years ago.

Dear Sir,

Oh dear, that was a long e-mail...... ok, here is the brief outline, I can provide more details if required....

My wife and I are getting divorced, we live in Las Vegas, Nevada. We purchased a home in April 2009 for $315K, the deposit was $32K which we jointly borrowed (although in the documents it stated that this was a gift) off my wifes father. I personally have paid back $5K which leaves a balances of $27K owing.

In the break up of the marriage, I want to keep the house so we have to come up with a number of agreed equity in the property.

Although we have not had a valuation, lets say I agreed the value to be $370K. My concern is over the calculation of the equity mainly as I think I am being fleeced.

Here is the basic calculation I believe to be correct...

Agreed Value $370K
LESS Mortgage $287K
NET $83K

LESS Owing to Father $27K

NET EQUITY $56K / 2 = $28K (owing to wife)

PLUS $27K / 2 = $13.5K (owing to wifes father)

LESS $5K (50% of the joint line of credit owing)

TOTAL $36.5K

HOWEVER, HERE IS MY WIFES RESPONSE TO THAT CALCULATION

The equity is the difference between the value less mortgage less fathers loan of $27K.

This brings (as previously discussed at the kitchen table and I thought agreed) the available equity to $56K divided by 2 = $28K each in equity. Then you have to pay my father back the $27K. I will pay him my half at a time that suits me so split the $27K, half to my father and half to me, $13.5K.

MY QUESTION (and maybe I am missing something here)

I agree the equity calculation getting to $56K. What I do not agree with is the fact that I have to repay the full $27K. Surely, if this has been already deducted ($370K-$287K-$27K) I sould only be re-paying the $13.5K?? It seems to me that she is getting equity from the property here, but I am taking up the full liability of the $27K. So, in reality my equity is $28K les $27K really.

Does that make sense? I need detailed advice and help on this.

So my $28K less $5K to repay the line of credit = $23K + $13.5K = $36.5K payable to me & $13.5K to my father = $50K

Expert:  Barrister replied 3 years ago.

Couple questions before I crunch numbers...

 

Purchase price 315, borrowed 32 + 283 , paid back 5. So this should leave a total amount owing of 310, correct?

.

Are you claiming the entire 5K paid back on your side of the equity or are you splitting it?

.

Are you saying you also owe another 10K on a joint line of credit in addition to any mortgage/dad loan?

.

.

thanks

Barrister

 

 

 

If you need additional clarification on this question, just click "Reply" and I will be happy to help you. Please give me as much detail as you can so that I can respond after receiving all the relevant details.

 

Customer: replied 3 years ago.

Purchase Price $315K
LESS Closing $32K

The outstanding principal mortgage is currently $287K

In addition, my wife has never contributed to the mortgage in almost 2 years
Customer: replied 3 years ago.

The amount actually borrowed was $292,531...

I did actually fill out a form to put my wife on the deed / title but I don;t believe this was ever executed as she is not on the title and she thinks she is... not sure that makes any difference. I just want to come to an agreement so she doesn;t force me to sell the property which was a great investment.

She committed adultery and I don't believe this was a bona fide marriage. My opinion is she was just in it so she could get her U.S. permenant residency card (greencard) which she received a few months ago.
Expert:  Barrister replied 3 years ago.

Ok, you have a mortgage of 287, but you owe 27 on top of that to dad, so total owed is 314.

 

.

So you calculate equity based on value 370 - total debt owed 314 (287 + 27 to dad).

.

The way I see it, 370-314 = 56K.

.

You then split that to be 28K each after dad and mortgage have been paid off.

.

Then if you are keeping the property, you have to pay her 28K.

.

This doesn't factor in any other debts other than Dad's loan and the mortgage. So if there is a line of credit that you are becoming solely responsible for, you would further reduce her 28K by half the line of credit owed. So if it is 10K, you each owe 5K, so you reduce her 28K by 5K leaving her 23K and you assume the entire 10K debt.

.

So wife is wrong as the 56K is left over after paying off both Dad and the mortgage.

.

.

thanks

Barrister

 

.

 

If you need additional clarification on this question, just click "Reply" and I will be happy to help you. Please give me as much detail as you can so that I can respond after receiving all the relevant details.

Customer: replied 3 years ago.

ok, so are you saying this.... Mortgage owed plus $27K owed to father is $314K...

Thus, equity is $58K / 2 = $28K each.....

Then as she is getting $28K equity, I am responsible to pay her father back 50% of the $27K, thus $13.5K....

The total being $41.5K right? And the reasoning behind that is.... she get's 50% of the equity, she assumes 50% of the gifted downpayment?
Expert:  Barrister replied 3 years ago.

No, father is completely paid off to get to the 56K equity calculation. The 314 includes father's loan (27) and the mortgage (287).

.

The equity of 56K is what is left over after paying off father (27) and mortgage (287)

.

You would only pay her 28K minus 1/2 of any line of credit that you had outstanding.

.

.

If you don't want to count the 27K loan from father, then it goes like this:

 

370-287 = 83K in equity or 41.5K each. Then you have to pay father back half the 27K, or 13.5K.

.

So you take your equity of 41.5 - 13.5 = 28K in equity for you. She gets 41.5K, but owes her father 13.5K.

.

Then you would deduct 1/2 of any line of credit from her 41.5K.

.

.

thanks

Barrister

 

.

 

If you need additional clarification on this question, just click "Reply" and I will be happy to help you. Please give me as much detail as you can so that I can respond after receiving all the relevant details.

Customer: replied 3 years ago.

Ok, well, I want to keep the house... but can't afford a one off full payout.... thus...

If we add back the $27K amount, the equity would be $83K / 2 = $41.5K....

Who pays the $27K back under this senario, is it split 50-50?
Expert:  Barrister replied 3 years ago.

Sorry, got cut off.

 

If you don't count father's 27K loan in the initial payoff:

 

370-287 = 83. or 41.5 each. Then you would have to pay 13.5 to father for half the 27K leaving you with 28K. She gets 41.5K, but owes father 13.5K.

.

Then you reduce her 41.5K by 1/2 of any line of credit.

.

.

thanks

Barrister

 

.

 

If you need additional clarification on this question, just click "Reply" and I will be happy to help you. Please give me as much detail as you can so that I can respond after receiving all the relevant details.

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