Often in the case of divorce, it may be the best decision to sell the home, especially if neither spouse can afford to stay in the home. You can put your home on the market and try to get the best possible price for it, but before doing so, you should be aware of the steps you must take to do so and have a successful outcome.
If you are successful in selling your home, proceeds from the sale can be divided, but first the mortgage, any equity line or second mortgage, and broker’s fees must be paid off. Any capital gains taxes must also be paid. The process is extensive, and can be a potential downfall if market conditions aren’t ideal.
However, the biggest plus side to selling your home after a divorce is that it gives each spouse the chance to start over and possibly make a clean break, financially and mentally.
Once you make the decision to sell your home, J&B House Solutions can assist you through the lengthy process that it involves.
Before beginning the official process, it is important to obtain a credit report and make a list of all secured and unsecured creditors. From here, separate all joint accounts from your individual accounts. For all of the joint accounts, call the join credit card lenders and determine if the credit extended is based on yours or your partner’s credit.
If the credit is based on yours, but your partner has a card for the account, ask to have their name removed from the account. If it is based on your partner’s credit, ask to have your name removed. If a lender refuses to remove either name, close the account and open a new one in just your name.
If there is a balance on your credit card, the account will not be closed until you or your spouse pay off the balance. In this instance, ask for the account to be frozen so you cannot accrue more credit.
If you have any secured assets, it is time to look into selling or refinancing. In the event of a divorce, you should separate the liability for all secured assets, such as a car and mortgage. If a car is financed in both names, both parties are responsible for the loans. Same goes for a mortgage. Even if your divorce agreement assigns the possession of certain assets to one party, the loan liability remains if the asset is not sold or refinanced.
Falling behind on payments, facing foreclosure, out-of-state moves and sudden unemployment are just some of the circumstances our clients may be facing. At J&B House Solutions, LLC, we pay cash for distressed properties, and we will then re-position them on the market for added value and beautiful remodels.
Whether you’re a home owner, real estate agent, or other investor, solve your real estate problems with J&B House Solutions. Close your deal in a matter of days with no need for commission payments and other fees normally associated with selling a property through traditional methods. Focus on more important things, like getting your financial life back on track, while we handle the paperwork and details.
Call J&B House Solutions, LLC at (858) 633-8146 or visit us at http://www.jandbhousesolutions.com/ for a free, no-obligation, confidential review of your circumstances.