Equity owed


#1

The official appraisel will determine how much you will split. If it appraise for $300 she get $15 if it appraise for $300,000 she get $150,000.


#2

You will need to agree on a value. If you were to go to court, the court would hear evidence regarding the differing values of the home and make a decision.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044

Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#3

My wife has decided to move out of our home and is going to let me keep it. I am prepared to give her a settlement of half the equity in our home. The home was appraised at $300,000 and I owe $140,000 on my mortgage. However, comparable sales for that model home in my neighborhood are selling for $250,000. Am I responsible to pay the difference between $300,000 and $140,000 = 1/2 of $160,000 ($80,000).
Or the difference between $250,000 and $140,000 = 1/2 of $110,000 ($55,000). Lets say my home is worth $2,000,000 for the sake of discussion, if we were both leaving the home it could still only be sold for $250,000.