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Good afternoon. Was she to refinance the home in her name? I assume the basis for that was because she was awarded the home? If not and it was sold, how were the proceeds supposed to be shared?
Thank you. As of now, the decree will control, so if she can not refinance it, then it needs to be sold. Of course, you can try and file a motion with the court, asking that this be modified and that you be given the home BUT that would take away from her ownership interest and/or the money which she is entitled to, so I can not see why the Judge would allow or do this, unless she agrees. The alternative here would be to see if she would agree to be bought out by you, instead of having to sell it and then you could keep the home and she could walk away, in the same position. Child custody is a separate issue and does not have to change.
The bank will not look at that. They look at her debt to income, credit score and a few other things to qualify her to the refinance. It is basically a new mortgage, so the bank wants to make sure she has the ability to pay. They will not secure collateral and if she wanted to do that, would basically need to find a private lender to lend their own money.
The goal is to get as much as possible, so you would be required to accept a fair market value, if one is made. Otherwise, she could say you are acting in bad faith. The listing price should be a price to sell and which would attract buyers, based upon recent sales. A realtor should be retained, to help, so that this way there are no allegations that you acted in bad faith or tried to sabotage the sale.
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If the decree simply says the home just needs to be sold and go on the market, then you would have a say and a decision. Unless it had specific language, whereby she will determine the final acceptance offer or something like that, you can have input.
Is there anything else I can answer or clarify for you?