How can we transfer property in an amicable divorce if the other spouse has bad credit?
My wife and I are filing our own very amicable divorce. The house is currently in my name and we wonder what our option are for what we can do with it. Ideally, the house would be put in her name but refinanced at a higher cost - net cash out to me. The problem is that her credit is really bad (mine, too), and a refinance in her name may have horrible terms. Is there a way to transfer the ownership of the house to her under the terms of my (the current) mortgage? Any help is greatly appreciated.
Public Comments
- Seek the Professional Opinion of your Known and Trusted Lawyer... No onme can answer you better than the Professionals.. Make sure you know him or her personally...
- That is not really possible in todays market. An alternative is this, place her name on the deed, and give her the option of rent to own. Then you act like the bank and recieve her payments until it is paid off. In the meantime, because that could take her 10-30 years, you could place the house on the market..and split the equity after sale.
