How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Dimitry Esquire Your Own Question
Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41220
Experience:  JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
18572087
Type Your Real Estate Law Question Here...
Dimitry Esquire is online now
A new question is answered every 9 seconds

Summary: I am divorced. During the marriage a second home

Customer Question

Summary: I am divorced. During the marriage a second home was purchased in NC with my money as down payment ($36,000). Divorce Decree states house to be sold and I am to get the first $36,000 loss or gain. Recently had sold through a Lease/Purchase agreement of which was breached by the tenant and am now pursuing monies lost due to non payment of rent. There was $3,500 put into an escrow account in my name. I am considering a short sale or walking away from the property. I offered to sign a Quit Claim Deed giving the property to my ex-husband as long as he assumes the mortgage, he refused. I have 2 questions:
1- If I walk away from the property can the bank put a lien on my present home? My only income is Social Security Disability.
2- Can I keep the $3,500 from the escrow account considering the Divorce Decree states I am to get the first $36,000 from the sale of the property?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Dimitry Esquire replied 1 year ago.
Thank you for your question. I am a licensed New Jersey professional and will be happy to assist you this afternoon.
To answer directly:
1- If I walk away from the property can the bank put a lien on my present home? My only income is Social Security Disability.
That is a good question. In North Carolina a lender can pursue a 'deficiency judgment' against you for the difference between what they can obtain via sale and the debt owed plus all late fees, interest, and attorney fees. If they obtain a judgment, they can then seek to 'domesticate' it and to attach it to your current property as a lien. They cannot immediately attach but can pursue a judgment for the value.
2- Can I keep the $3,500 from the escrow account considering the Divorce Decree states I am to get the first $36,000 from the sale of the property?
Generally a 'short sale' requires that all assets and funds up to the amount owed for the property belong to the lender at the time of closing. But they can agree to release the funds, especially if you agree to leave quicker and not remain on premises. But that obligation is separate and unrelated to your divorce decree, since the funds owed are to an outside lender (it is not 'profit' to the property if you end up selling it for less than loan value).
Sincerely,
Dimitry, Esq.