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How can I refinance a house and buy my ex out. We don't

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How can I refinance a...
How can I refinance a house and buy my ex out. We don't agree on the amount but my ex wants me to refinance before we get to the court where the judge will determine how much I have to pay him out. What kind of doc do I have to get from him to start to refinance. I have a proof of mortgage approval and it covers the potential amount that I have to pay my ex. But my ex doesn't agree for that. My ex wants me to put money on escrow account and my mortgage agent cannot start anything since My ex's permission needed. So what can I do to move things along? What kind of docs my ex has to sign so I can start refinance?
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 2 hours by:
8/2/2017
Real Estate Lawyer: legalgems, Arbitrator replied 1 year ago
legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 14,554
Experience: Just Answer consultant at Self employed
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What state is this in regards to? Also were the parties married and if so did the divorce decree address this issue?
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Real Estate Lawyer: Attyadvisor, Attorney replied 1 year ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 9,188
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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Can you tell me the question that your question pertains to?
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Customer reply replied 1 year ago
Pa, married and still not divorced.
Real Estate Lawyer: legalgems, Arbitrator replied 1 year ago

Thank you for that information.

If the parties are trying to resolve any property issues then that must be done before any papers are filed with the court (ie divorce papers). Otherwise once those documents are filed the court will need to approve anything as they will have jurisdiction over those issues.

In order to refi, the lender will require the approval of both parties, and a quit claim deed is typically signed by the spouse that is being bought out.

Normally the proper procedure is to motion the court for permission to refinance, and to request the court to order the other party to sign any lender required documents (varied by lender) and for the execution of a quit claim deed.

If the parties cannot agree on the buy out amount, the court will determine an amount that they feel is equitable-this is an amount that is "fair and just" which is not necessarily equal.

The income and property of each spouse at the time of the marriage, and at the time of the divorce;
The length of the marriage and the age and health of both spouses;
If there are minor children involved, the need of the spouse who has custody of the children to live in the marital residence and to use or own its household contents;
The loss of inheritance and pension rights of each spouse because of the divorce;
The loss of health insurance benefits of each spouse because of the divorce;
Any award of support or maintenance the court will be making;
Whether one spouse made contributions to marital property that the spouse does not have title to; for example, where one spouse helps the other spouse increase their ability to earn more money by getting a degree, license or certification;
The liquid or non-liquid character of all marital property (“liquid” means that the property can easily be converted to cash);
The probable future financial circumstances of each party;
The impossibility or difficulty of determining the value of certain assets, like interests in a business, and whether one spouse should be awarded the business so it can be run without interference by the other spouse;
The tax consequences to each party;
Whether either spouse has wasted or used up any of the marital property while the divorce was ongoing;
Whether either spouse transferred or disposed of marital property at less than market value, knowing that the divorce would be happening;
any other factor the court deems relevant.

So as you can see, the individual judge assigned to the case has great discretion, so it is difficult to predict in advance what the judge may rule. An attorney that is familiar with the particular judge may be better able to provide an estimation based on the judge's past rulings.

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Real Estate Lawyer: legalgems, Arbitrator replied 1 year ago

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

The above information is for educational purposes only. A consultation with a private attorney is recommended so they can apply the law to your specific facts, and suggest the best course of action. An attorney can be located here:
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