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If a couple is going through a divorce and they own a home…

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If a couple is...

If a couple is going through a divorce and they own a home together and and they still owe quite a bit to the bank and the wife wants the husband to buy her half out so she can be taken off of the mortgage. Would the husband owe her half of what the home is worth or just half of the equity.

Lawyer's Assistant: Because family law varies from place to place, can you tell me what state this is in?

Pa.

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There is another couple living in the home. It's being sold to them on a rent to own contract. That couple has held up their end as far as paying the agreed amount each month on time and has made improvements to the home. They have saved up more then enough for the down payment and closing costs. Unfortunately they will not qualify for a mortgage within the time stated in the contract. The wife wants her share of the profit now but the husband is willing to wait until the couple living in the house is ready to purchase the property.

Submitted: 8 months ago.Category: Real Estate Law
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9/20/2017
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 8 months ago
ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 18,070
Experience: Licensed General Practice Attorney, Texas
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It would be half the equity. The marital property interest is the equity, because assets and liabilities will need to be considered together, particularly in light of secured assets such as the house. Now one problem that comes up is that a mortgage company has to agree to let someone off the mortgage (called a "release"). Most of the time in divorce contexts, a party actually "refinances" a mortgage into his/her name after the other one transfers his/her interest in it. The refinancing obligation should be explicit, otherwise the party that no longer owns any of the house could still be on the mortgage. That's all liability, no benefit (like being a cosigner).

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 8 months ago

Did you have any other questions before you rate this answer?

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 8 months ago

Are you there? Please note that I am still here, awaiting your response or rating... (please note that rating closes this question out, so if there's nothing else, please rate it so that I can assist other customers that are waiting for answers to their questions).

If you can't see the stars, you may need to scroll up / down / left / or right to see them. This is where you rate so that the question will close out.

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 8 months ago

Hello?

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 8 months ago

Should I continue to await your response, or may I assist the other customers that are waiting?

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 8 months ago

My apologies, but I must assist the other customers that are waiting. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time (~55 minutes now) and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 7 months ago

Can you see on your screen where you need to rate it? Note that you may need to press a "submit" button after clicking on the appropriate star rating. This is what I'm waiting on from you. Thanks!

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 7 months ago

I see you have not responded in some time. Did you wish to continue with this question?

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