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I own a condo in Northern Virginia. I'm the only person on the loan but the property is deeded to my ex-wife and I jointly. I want to take possession of the properyt solely so that I can sell it and clear it off my credit as it is a burden to my debt to income ratio, but am unable to because she is attached to the property emotionally and will not sign the deed over to me. The property is worth about 110k and we owe 125k so there would be no proceeds from a sell, I'd actually have to short sell it. I will gladly give her sole possession of the property if she wants to refinance it into her name but she refuses. She does not reside in the property, it is being rented to a friend of hers. Is it possible to get a court order to have her refinance it into her name only, to clear me of the property? And if she is unable to refinance the property for any reason within a certain amount of time, does she have to come off of the deed?
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Posted: Mar 03, 2009 at 1:30 PM
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I refer you to my lawyer: Sharky McCrowbar.
Since Sharky will charge you way more than $15 grand for his services, it may be cheaper to offer ex wife's friend a gift of $15K for a down payment so that she can buy the townhouse that she now rents.
Yeah she would be paying $125k for a condo worth only $110k but since the down payment is a gift, she should be thrilled!
On the other hand what if the friend absconds with the $15K gift and does not close? Oh this is a bad suggestion. don't do it.
Oct 4, 2009 at 11:29 PM
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Was the condo mentioned in the divorce settlement - if not, should have been. During the discovery process and disclosure of assets, the condo should have been listed. Contact your Divorce Attorney so he/she can advise if the condo was or was not part of the settlment or provide you with a resource (Real Estate Attorney) who can assist you. All information deemed reliable but not guaranteed.
Jul 17, 2009 at 3:37 PM
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Ray,
I would recommend contacting a real estate attorney. I have seen the court demand a sale at the time of the divorce, but not sure if they would after the fact. Here in Texas, both parties would remain on the deed until the property is either sold or refinanced. Good luck!
Mar 15, 2009 at 1:00 PM
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