House with no equity


#1

Do anyone have an answer to my question.

Pamela Reynolds


#2

If there is no equity in the house and it is ordered to be sold it is most likely it will be sold at a loss. If there is a debt associated with the house then it may need to be divided equally between the both of you. It might be in your interests to ask the court for him to refinance rather than ask for the house to be sold.

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

Thanks for your answer. When you say a debt. Yes we owe a mortgage payment. So refinancing a house get your name off the deed. I know there is no way for him to refinance. I just don’t want him to have the house. He used me. Loan is only in his name, but the deed is in both names.

Pamela Reynolds


#4

I misread your first post and assumed that you and your spouse lived in the house together. When I read your post again it appeared you never lived there together. That means that if the house was sold for a loss he would be responsible for the debt. However, If you are liable on the debt, I do not believe the court would order him to sell it. I am sorry to hear about the scary situation you were in and I am glad to hear you have a lawyer assisting you with protecting your legal rights.

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.


#5

Can I ask that a house be sold, since it has no equity. We brought the house last year in July 07. After I signed the deed of trust, my husband told me that i will not go in the house. It is a VA loan. I have file for a bed and board divorce in nc. I was just awarded post supouse support of $600 a month. Is there a set limit on alimony. He makes $4,100 a month and my income is $1,000 a month. My main concern is that I want the martial house sold. I have property that I inherited as a gift from my parents. This man used me to help get him a house. We were separated for 4 years, he cheated on me all the 31 years of marriage. Last year he came to me and said lets get a house together. I did all the work, and at the closing he tells me you are not going in the house. So I told the lawyer that I didn’t want my name on the house. So the closing lawyer told me to think about and call him in the morning. Well the realtor called my husband and told him that if he don’t get the house, he was going to suit him for breach of contract. So my husband again beg me to leave my name on the deed of trust. Next day I called the closing lawyer and told him to take my name of the deed. The closing lawyer called my husband and told him sorry that he can’t get the loan because I choose not to keep my name on the deed of trust. All that day my husband beg for me to leave my name on the deed of trust. We will go in the house and work things out. After I let my name stay on the house deed. Within a few weeks my husband started up again, “You are not going in the house”. I did move my stuff in, so on Jan 17 he got a rifle out because he wanted me to sign his legal separation with him giving me $200 a month, and I giving him the house. I said no. So I took out a domestic protection order out on him. We both were not able to live in the house. Me because I could not afford the bills. Him because of the act he did. That case was drop on Mon Mar 24, because my lawyer said it is a weak case. But I did get the post supouse support. Now we have to go to court for the Bed and Board divorce. I have bank statement with him going to hotels, and I found a book with his girlfriend name on it in my house. I have phone records and picture of people calling the house. His women. Plus my daughter and her friend saw him at a concert with one of his girlfriends. After the bed and board,is the property division and then alimony. My lawyer keep on saying the house is worth nothing now. I know that, so can I get the judge to make us sell the house. Let my husband get his own house on his own. I don’t mind that, but not the house I did the work to help get. I have lease out my houses to my children, that is one of the things we had to do. because one of the house has a loan on it in my husband name. But the house was given to me as a gift. So I left the loan company use the house as collectial. So the VA said you can’t have two loans. So the children signed a paper saying they will take up the loan on the house and live in it. So I really don’t have anywhere to stay. But my lawyer keep telling me and my daughter that the house is still mind. Yes legally, but I have leased it out to them, and I have a lease. So can I get the judge say sell the house we brought together, and how much alimony can a person get. We were married for 31 years. I am on disability and my husband get VA disability and Social Secutity.

Pamela Reynolds