milee
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Post by milee on Aug 12, 2018 15:49:48 GMT -5
.... ETA: And now having glanced at the five pages of posts here, the notion that he should quitclaim the deed to her has another legal wrinkle. Mortgage documents generally include language that if a change in ownership is made (as it would be if he signed a quitclaim deed to her), the mortgage company can immediately call the loan. The Garn St Germain Act prohibits that I believe. When title is transferred to an ex-spouse as part of a divorce, it's one of the specific situations where a lender cannot call the loan. But I'm not a lawyer, so worth researching.
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hoops902
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Post by hoops902 on Aug 12, 2018 17:21:55 GMT -5
Well SHE certainly isn't going to sue HIM for lowering the price of the home, considering she wants to buy it...a lower price is in her best interest. The best thing that could happen for HER is that he gets offers that are low because of the way things are going...she still has an opportunity to buy the house, and now she's buying it even cheaper than she'd planned. Driving the bids/valuations/sales prices of the property down only benefits her if a.) she is able to drive the valuation down to the point that she can get financed for a mortgage sufficient to buy him out and b.) taking out that mortgage is a better option than taking her share of the sale and going somewhere else.
If both conditions are not satisfied, actions that have the the result of lowering the price that the property fetches when it is sold to an arms-length buyer will hurt her.
She does not benefit from the property receiving bids that do not discount the hot mess that surrounds the property, especially if the potential buyers run like hell when they discover what they have made a bid on.
I think that they are both cutting of their noses.
In regards to b.) that's not necessarily true. Whether or not it's a BETTER option for her is irrelevant. People choose the worse option plenty, given that she can't apparently get a mortgage on the property currently it's almost certainly a BETTER option for her right now to willingly sell and take the proceeds...but she simply chooses not to take that better option. She seems determined to stay in the house regardless of what good options are, so driving the house price down is in her current best interest given her motivation and plans (not necessarily in her best interest given what she SHOULD do financially...but my question was about suing due to the declining value...her goal is to buy the house, so she's certainly not going to sue right now if the value declines given that she WANTS the value to decline because she wants to buy it. By that token, the real "best" thing that could happen is that they sell the house to anyone rather than her stretching for a mortgage she can't afford...but that's the difference between "best thing" and "what she wants"). Can you explain how he's cutting off his nose? If he does nothing, she just keeps sitting in the house without buying it. Right now, he gets $0 (and depending on who is paying the mortage, he could be getting significantly negative dollars). Any actions that get him more than $0 provides a positive impact to him. He might get MORE if he took her to court to force a sale...though that's going to cost him money to file and have a lawyer representing him. The only other option he has is to just sit around and hope that someone he's going through a contentious divorce with suddenly decides to ignore her own self-interests and instead randomly decides to sell the house so he can get paid and she leaves the house she wants to keep...that seems SUPER unlikely that she's just going to have a moment where she puts his wants ahead of her own. What other option does he have to get his equity out of the house that isn't going to cost him money to set into motion? <iframe width="29.019999999999982" height="8.360000000000014" style="position: absolute; width: 29.019999999999982px; height: 8.360000000000014px; z-index: -9999; border-style: none;left: 15px; top: -5px;" id="MoatPxIOPT0_92807968" scrolling="no"></iframe> <iframe width="29.019999999999982" height="8.360000000000014" style="position: absolute; width: 29.02px; height: 8.36px; z-index: -9999; border-style: none; left: 1385px; top: -5px;" id="MoatPxIOPT0_40285857" scrolling="no"></iframe> <iframe width="29.019999999999982" height="8.360000000000014" style="position: absolute; width: 29.02px; height: 8.36px; z-index: -9999; border-style: none; left: 15px; top: 354px;" id="MoatPxIOPT0_32760594" scrolling="no"></iframe> <iframe width="29.019999999999982" height="8.360000000000014" style="position: absolute; width: 29.02px; height: 8.36px; z-index: -9999; border-style: none; left: 1385px; top: 354px;" id="MoatPxIOPT0_25769486" scrolling="no"></iframe> I'd rather have $90k in cold hard cash than $100k in equity that I'm not allowed access to. Paper gains/equity are meaningless if you can't actually access them.
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NoNamePerson
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Post by NoNamePerson on Aug 12, 2018 17:34:36 GMT -5
I'm thinking Karma's head is going to explode trying to figure which one to bite in the ass! Ok back to the serious shit.
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Deleted
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Post by Deleted on Aug 12, 2018 17:58:10 GMT -5
If he does nothing, she just keeps sitting in the house without buying it. Right now, he gets $0 (and depending on who is paying the mortgage, he could be getting significantly negative dollars). Any actions that get him more than $0 provides a positive impact to him. He might get MORE if he took her to court to force a sale...though that's going to cost him money to file and have a lawyer representing him. The only other option he has is to just sit around and hope that someone he's going through a contentious divorce with suddenly decides to ignore her own self-interests and instead randomly decides to sell the house so he can get paid and she leaves the house she wants to keep...that seems SUPER unlikely that she's just going to have a moment where she puts his wants ahead of her own. <snip> I'd rather have $90k in cold hard cash than $100k in equity that I'm not allowed access to. Paper gains/equity are meaningless if you can't actually access them. I agree- she's got little motivation to sell. At best, even if she can borrow enough to refinance and get enough cash out to give him his share of the equity (and that seems unlikely), she ends up with a much higher monthly payment. Doing nothing keeps her monthly payment low and has the added benefit of depriving the husband who left her of money he sorely needs (if she's the vindictive type). It will be interesting to see how this end up.
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Deleted
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Post by Deleted on Aug 12, 2018 18:11:31 GMT -5
If there is karma, he will force a sale where he ends up with no more equity than the $80,000 that he has already taken out. That's possible (but not probable, I will admit) when you start cutting prices, etc. There is still a realtor's commission to pay, D.C.'s transfer taxes, seller's side of closing costs, and stuff that arises because of the inspection.
And he's in contempt of court, which if she pursues it, could mean additional lawyer fees.
I hope Carl gives us a follow-up when all is said and done.
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seriousthistime
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Post by seriousthistime on Aug 12, 2018 21:24:44 GMT -5
.... ETA: And now having glanced at the five pages of posts here, the notion that he should quitclaim the deed to her has another legal wrinkle. Mortgage documents generally include language that if a change in ownership is made (as it would be if he signed a quitclaim deed to her), the mortgage company can immediately call the loan. The Garn St Germain Act prohibits that I believe. When title is transferred to an ex-spouse as part of a divorce, it's one of the specific situations where a lender cannot call the loan. But I'm not a lawyer, so worth researching. Yes, you're right. Wikipedia says this is an exception under federal law.
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geenamercile
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Post by geenamercile on Aug 13, 2018 8:53:23 GMT -5
I really wonder what the real estate agent selling this place thinks about the whole divorce decree.... I would think if the neighbors are warning potential lookers about it, then the real estate agent has to know something is up.
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gs11rmb
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Post by gs11rmb on Aug 13, 2018 10:05:44 GMT -5
I really wonder what the real estate agent selling this place thinks about the whole divorce decree.... I would think if the neighbors are warning potential lookers about it, then the real estate agent has to know something is up. I'm hard pressed to believe that the ex-wife hasn't directly emailed the agent to let him/her know that she's supposed to have the deed in her name. That does make me think that he may have more 'right' to the property than I thought previously.
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hoops902
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Post by hoops902 on Aug 13, 2018 10:09:56 GMT -5
I really wonder what the real estate agent selling this place thinks about the whole divorce decree.... I would think if the neighbors are warning potential lookers about it, then the real estate agent has to know something is up. I'm hard pressed to believe that the ex-wife hasn't directly emailed the agent to let him/her know that she's supposed to have the deed in her name. That does make me think that he may have more 'right' to the property than I thought previously. It seems relatively likely (in my mind at least) that while yes there's a requirement that he sign over the deed to her...it's probably in correlation with the fact that she's supposed to buy the house from him. It's not as if they're each not following the order on 2 unrelated items, the 2 things in question seem completely intertwined.
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TheHaitian
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Post by TheHaitian on Aug 13, 2018 11:07:57 GMT -5
I really wonder what the real estate agent selling this place thinks about the whole divorce decree.... I would think if the neighbors are warning potential lookers about it, then the real estate agent has to know something is up. I'm hard pressed to believe that the ex-wife hasn't directly emailed the agent to let him/her know that she's supposed to have the deed in her name. That does make me think that he may have more 'right' to the property than I thought previously. Per her post it seems she has tried to reach out to the listing agent and he has been unresponsive to her pleas. That is why she had to contact Zillow directly to take the listing off the market but still on Redfin. She is back Wednesday, will know more then
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geenamercile
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Post by geenamercile on Aug 18, 2018 19:42:35 GMT -5
I can't be the only one wondering where the update is.
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NoNamePerson
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Post by NoNamePerson on Aug 18, 2018 20:30:09 GMT -5
I can't be the only one wondering where the update is. I just imagined somrthing along the lines of The War of the Roses.
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TheHaitian
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Post by TheHaitian on Aug 19, 2018 11:11:47 GMT -5
Sorry for the delayed update, had an Audit at work and family reunion yesterday in NJ...
Neighbor has been back since Wednesday night... the next day the for sale sign in the front was gone, so was the one on the window.
From what I understand she is livid and taking the husband to court while it seems the husband is threatening to also take her to court.
She also plan on changing all the locks (surprised she did not do that since last year).
BUT the house is still showing up for sale on Redfin!!!!
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geenamercile
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Post by geenamercile on Oct 7, 2018 10:55:52 GMT -5
Anyone else wondering what happened.
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TheHaitian
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Post by TheHaitian on Oct 7, 2018 13:10:19 GMT -5
Anyone else wondering what happened. The house is still listed on Redfin, husband had lowered the price to 510k. Yesterday a couple drove by and were being nosy trying to see the house and what not. They are headed to court on the 18th of this month per my MIL; also the wife is renting out the basement to a young couple I am guessing in their 20’s. I have seen them coming and going a few times... The other development either the husband is playing her or things did not work out with his new boo: he declared to her that he loves her and he wants to come back home. I literally bust out laughing when she said that... like really you almost made her homeless and now you are pulling the “I still love you card” and I want to come home. She said she will never get back with him, too much has happened. Yeah the lady across said that too and her ex husband is back now. But she did tell my MIL they are not back together, she is just letting him crush at their house since he has nowhere else to go. Will keep you all up to date... now with her renting downstairs I want to rent mine too
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Artemis Windsong
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Post by Artemis Windsong on Oct 7, 2018 16:26:41 GMT -5
Sooo. The short story is - She is in the house. Renting basement to couple. STBXH on the couch? Side piece gone.
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dannylion
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Post by dannylion on Oct 8, 2018 11:49:33 GMT -5
Sooo. The short story is - She is in the house. Renting basement to couple. STBXH on the couch? Side piece gone. I think the STBXH who is back in the marital abode belongs to a different neighbor (the lady across the street), not to Carl's neighbor whose STBXH has just lost his boo. I do not think they are the same person, but I could be wrong.
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TheHaitian
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Post by TheHaitian on Oct 8, 2018 18:07:12 GMT -5
Sooo. The short story is - She is in the house. Renting basement to couple. STBXH on the couch? Side piece gone. I think the STBXH who is back in the marital abode belongs to a different neighbor (the lady across the street), not to Carl's neighbor whose STBXH has just lost his boo. I do not think they are the same person, but I could be wrong. You are correct. Neighbor fighting with ex that this thread is about lives next door; we are separated by a fence. Neighbor that let ex husband move back in lives right across the street.
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geenamercile
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Post by geenamercile on Oct 8, 2018 19:27:07 GMT -5
You really don't want to rent out your basement. I don't think your wife could handle living with someone else in the house, using her kitchen, bathrooms ect...
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TheHaitian
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Post by TheHaitian on Oct 8, 2018 20:34:00 GMT -5
You really don't want to rent out your basement. I don't think your wife could handle living with someone else in the house, using her kitchen, bathrooms ect... Basement have own bathroom and bar area can be transform into a small kitchen area (set up is already there). But I was thinking more along the lines of AirBnB, so not permanent and you can stop it at anytime. My wife is turning it down for now but I think it is a good option.
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geenamercile
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Post by geenamercile on Oct 10, 2018 18:57:06 GMT -5
I heard on the news today that D.C this past month had the slowest home sales in 10 years. Guess that is good for your neighbor.
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TheHaitian
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Post by TheHaitian on Oct 11, 2018 16:06:54 GMT -5
I heard on the news today that D.C this past month had the slowest home sales in 10 years. Guess that is good for your neighbor. It has and that concerns me for my BPO tomorrow
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geenamercile
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Post by geenamercile on Nov 3, 2018 13:10:30 GMT -5
Yes I am way to invested this as an escape from my own issues, but it there an update.
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TheHaitian
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Post by TheHaitian on Feb 2, 2019 15:37:55 GMT -5
The sage continues and the neighbor had to recently kick out her renter and his girlfriend...
I hate to say it but Phil is right: never rent to family, friends or people you know. The renter was an aide that helps her son (the one with disability)... and he was looking for a place to move in with his girlfriend and she had her basement.
The other day I had to be at work at 6 am and I ran into them moving out at 5 AM and acting suspicious... so concerned I called my MIL to tell her to reach out to the neighbor and I think her tenants are skipping out on her.
MIL called her and she was aware of them moving out and she is the one that asked them to move out; seems like they have not paid rent in 2 months. Awkward....
Feel bad for her because she currently has to heat (using the electrical heat plug in) that was since my daughter birthday 1/12 that it died and she could not afford to replace it then. So the rent money would have been handy....
I feel for her, she has her reasons for wanting to hold on to the house but it is not easy.
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geenamercile
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Post by geenamercile on Feb 2, 2019 18:37:03 GMT -5
Is the house still for sale?
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TheHaitian
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Post by TheHaitian on Feb 2, 2019 18:43:59 GMT -5
Is the house still for sale? It was delisted a few weeks ago, around Christmas. I was really pissed since they used that house when I tried to get ride of PMI and it brought down the value of my house
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