What to do about a divorce and the sale of a house?

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What to do about a divorce and the sale of a house?

My ex-husband owes on the mortgage; I am on the deed. I pay the mortgage on time each month. In my divorce settlement it states that in a year we have to mutually agree for me to live in the house or we have to sell. My ex wants to do a short sale because the house is about $130k under water. Here’s the catch, I just declared bankruptcy because I was stuck with all marital debt not house related. My sister would like to buy the home and I would rent from her. Since I have no choice but to list house for short sale, can she buy the house?

Asked on October 17, 2012 under Family Law, Maryland

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You sister can purchase the property in a short sale so long as the lender is advised of the familial relationship between you and the sister before the close of the escrow in that failure to do so could result in the transaction being set aside.

The key is to keep all posted as to your sister's intent to purchase the property in a short sale and the relationship between you two.


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