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I am in the midst of an awful divorce and need to deal with two duplexes that I have had since 2005. They have been great investments in quality areas with awesome tenants and I don’t want to give them up. When I bought them my wife signed the mortgage as we were both employed at the time. She isn’t interested in them and wants to buy me out, but being that this isn’t one of those warm fuzzy divorces you hear about, wants her name off them. I need some solutions to this problem.
Income: $3000/mo
Cashflow: $600/mo (After PITI and repairs/maintenance/vacancy)
Paid $285k (I didn’t know about Jack Miller in 2005) and new roofs, updated bathrooms, etc.
FMV: $250k (pending appraisal)
Owe: $195K
What are some good options for me to get her name off the bank loan? Jackie had some ideas but I am wondering what the group can come up with. I may need to sell my house and move into one of them in the future, so that would change the above, but I would pretty much be living for “free”.
Thanks!Greg,
You did not mention if the Deed to the properties is in both of your names. I sure hope so!
With your wife’s permission, you can ASSUME those loans. Call the mortgage company and ask for an assumption package. It would be a lot easier than getting a new loan. With that much equity it should be quick and easy.
Or, you could bring in a private investor to put up the $195k for an equity position in the property. When you get the properties, you should take title in a LAND TRUST. The private lender could own a % of the beneficial interest. Alternately, the private lender may want to control title but you could have an option for your % – just make sure you record a deed of trust or mortgage to secure your option.
Any other ideas out there???
I must be missing something. I only see 55K in equity for the two properties. You say she wants to buy you out is that correct? Or does she want you to buy her out? At 76% LTV not sure an investor would be interested unless he got a huge chunk of cash flow and equity.
Don Wede
Greg,
Hang in there buddy. Been quite a while since we have spoken..
Greg, I just spotted this January 16th article in the Washington Post. While it’s written from the wife’s perspective, it might give you some relevant questions to ask those on your team:–Dee
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Jackie,
Unfortunately she signed this mortgage when we refinanced and then I put them into a trust in 2010 (just found the trust documents).
There is NO WAY she will let me assume. She is trying to take my kids away from me with lies and projection. It’s pretty awful. She isn’t happy with a normal bad divorce she wants a plane crash into a train wreck divorce. I have to get her name off the loan.Don,
She wants other assets (her 401K, vehicle, precious metals, cash). I am not sure what they appraise but am hoping its low. The value was a Zillow estimate as well as a friend who is a broker taking a stab at it.Dee,
Thanks,Oddly enough a friend of mine from California called me this weekend with $300k he wants to invest. He wanted to buy houses with it but after the call last night about waiting to buy houses until the Trump dust settles this year, maybe 4% on his money is the way to go.
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