property

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property

Unread postby rayner7777 » Tue Mar 07, 2017 6:33 pm

I am in the process of Divorce. I have agreed to a buy out of our house in 2 installments. One of which i have received, the second after she completes BK. My question is, at what point does my entitlement to the property end. After the first installment or final payment? Can she mandate that I remove my remaining property before final payment?
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Re: property

Unread postby Havalu7 » Tue Mar 07, 2017 7:13 pm

Welcome OP.

We need a few more details like how long married, what state etc.

Are there children involved and if so what are your parenting goals?

Try to give us a three floor elevator pitch on your situation with all the details you can cram in those three floors.

Does that make sense?
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Re: property

Unread postby Trevor » Tue Mar 07, 2017 10:47 pm

rayner7777 wrote:I have agreed to a buy out of our house in 2 installments. One of which i have received, the second after she completes BK.

Which chapter? Are you aware of the time frames for each (CH13 can be up to 60 months)? Do you know how the automatic stay factors into your case? If she is in BK, how can she be buying you out of a home? Doesn't BK mean you have no money to pay your debts?
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Re: property

Unread postby ScaredNConfused » Wed Mar 08, 2017 11:40 am

I'm going to assume your name is on the deed and loan. Under no circumstances sign a quick claim deed until after you receive all the money you are entitled to and even more importantly until the house is refinanced or paid off so that your name is not on the loan.
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Re: property

Unread postby Tom Kirkpatrick » Wed Mar 08, 2017 12:46 pm

rayner7777 wrote:I am in the process of Divorce. I have agreed to a buy-out of our house in 2 installments. One of which i have received, the second after she completes BK. My question is, at what point does my entitlement to the property end. After the first installment or final payment? Can she mandate that I remove my remaining property before final payment?
I smell financial entanglement, Bro.

Before signing the Quit Claim, be sure to lock in the second installment by you holding a second mortgage as collateral. That way, if she defaults, you are first in line to foreclose.

You want an iron-clad contract written by a real estate attorney. You also want this transaction handled through escrow.

Tom
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Re: property

Unread postby JimRockford » Wed Mar 08, 2017 1:26 pm

I must ask, why didn't you just sell the house?
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Re: property

Unread postby rayner7777 » Wed Mar 08, 2017 9:27 pm

Havalu7 wrote:Welcome OP.

We need a few more details like how long married, what state etc.

Are there children involved and if so what are your parenting goals?

Try to give us a three floor elevator pitch on your situation with all the details you can cram in those three floors.

Does that make sense?


Married 19 yrs

Coloado

Yes, one child age 16. Shared custody
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Re: property

Unread postby rayner7777 » Wed Mar 08, 2017 9:41 pm

Trevor wrote:
rayner7777 wrote:I have agreed to a buy out of our house in 2 installments. One of which i have received, the second after she completes BK.

Which chapter? Are you aware of the time frames for each (CH13 can be up to 60 months)? Do you know how the automatic stay factors into your case? If she is in BK, how can she be buying you out of a home? Doesn't BK mean you have no money to pay your debts?


June of this year is when her BK ends (ch 13) I am not in BK. the stipulations of the divorce are that once discharged and the second mort. is striped she has a time frame to pay the final installment.
until then, base on the question i posted. Do i still hold intrest in the property?

Thanks
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