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Relationship Discussion (non-explicit)
Reply to "Divorce with house underwater"
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[quote=Anonymous]Sorry to hear about your problem. You have a couple of options. You can sell the home and bring the cash needed to the settlement table if you're financially able. Otherwise, you can do a short sale. Divorce is an acceptable reason for banks to approve the sale for less than what is owed. If you elect to proceed with a short sale, both parties must be willing to cooperate and provide all needed information. I wrote an offer on a short sale and within two weeks, the listing agent couldn't get both parties to even sign off on the offer. Obviously, that property will likely end in a foreclosure. The bank will review the all your financial assets to ensure you're not holding out on them. I would recommend against renting as you would be tied together until the eventual sale. This would make the divorce settlement more complicated and potentially create additional legal issues down the road. Don't think your attorney would endorse the rental option. [/quote]
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