How does this work, especially in this economy? Do you get an appraisal to determine the home’s value, then subtract what you owe and pay your spouse half of that? And what if they don’t want to be bought out? Can you make them sign over the deed if you have the money to give them?
The spouse who stays in the home normally refinances the loan into their sole name and then pays the other spouse one half of the equity in the home. An appraisal will be necessary to determine the value of the home, and the deed will have to be signed over for the refinance to go through.
I am in the home and the mortgage is solely in my name. We are both still on the deed. He would prefer that we not sell until the market turns around but I have said I want to sell and move to a smaller place. In the event that I do want to stay and buy him out, can I force him to take half the equity and sign over the deed since I am already in the home with a mortgage in my name?
You cannot force your spouse to agree to anything, you may have to have a judge order the home be sold.
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