Profile picture for waterguy737

update:Sell His/hers and Mine..

I am not exactly sure what to do. I have recently remarried (2yrs). I have a mortgage on a home that will be paid off in about 9 years. My new wife and her ex-husband had mutually signed on each others

mortgages. (about 8 years ago) I believe it is the only way they could each get a house. He (her ex) had his foreclosed on about 3 years ago. Unbeknown to her. Of course it damaged her credit. The house that we live in (hers) needs a lot of work. I currently have my house up for sale because it would actually make a profit. (or at least that is my idea) Hers would cost thousands of dollars to bring it to a sell able condition. I think we would stand to lose thousands even after it is fixed.

I guess my next question is if my house does not sell, can my wife still do a short sale? There is no way that we can re-finance it. 
Thank You!!



  • December 17 2013 - Carmel
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Answers (2)

Best Answer

Profile picture for SoldByAvery
That is a rough situation. I would need to have more information to be able to offer an appropriate answer. There are a few options that I would like to go over with you. Email or call me so we can get together to go over options and figure out what would be your best course of action . Thank you. Avery Garrett, Realtor Coldwell Banker Kaiser [Contact information removed by Zillow Moderator. Please see our Good Neighbor Policy.]
  • December 17 2013
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This is a case where the experts can truly help.  If I were in this situation, I would meet with a couple of really good realtors and contractors to assess fix-up value and true cost of preparing your wife's home to sell.  It's amazing what a price-conscious contractor can do with much less than one might think, especially those who have experience flipping properties. If the numbers still don't make sense, then I would speak to a real estate attorney who could advise on the possible ramifications of doing a short sale and/or just letting the house go to foreclosure.  Even after a sale, banks can still place a judgment on your wife for up to 10 years and that may affect your plans as well.  I hope this helps!
  • January 08 2014
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