If my spouse and I are getting divorced and I want to keep the house, if we owe more on our loan than what the house is worth, is there still a buy-out required?

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If my spouse and I are getting divorced and I want to keep the house, if we owe more on our loan than what the house is worth, is there still a buy-out required?

Asked on May 10, 2012 under Family Law, Georgia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

It seems that the house is a debt rather than an asset correct?  How you wish to handle that will depend on the rest of your assets and what your spouse wants to do. This is a touchy situation since if you sold it it would be a short sale and there would be a deficiency judgement (unless you are smart and ask for it to be waived) whci both of you would be responsible for.  If I were your spuse I would make sure that the house is refinanced with out my name on the mortgage so as to continue to be liable.  I would seek help from an attorney here.  Good luck.


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