Are you getting divorced and selling your house? Maybe your divorce is finalized, and you have kept the home, but having second thoughts because of the financial burden. Have you been thinking what to do with your house in a divorce? Or, should you sell your house before or after divorce.
Your marriage began with your dream wedding, but due to many various reasons, it may not be ending like you both planned.
The process of finding the perfect house was long but so rewarding. Now the thought of going through a long divorce has left a bitter taste in your mouth. In the past, a couple only had to divide up assets, and these days they are dividing up liabilities.
What are you Giving up to Keep it?
According to Fidelity “Don’t necessarily hold onto the house. Your house may have sentimental value, but keeping it doesn’t always make financial sense, especially if it’s a stretch to pay for the upkeep and property taxes. A home is likely to have ongoing and unexpected expenses, and its future value isn’t assured.”
Divorces can be messy, the emotional and physical battle of dividing the responsibility of assets and liabilities can be draining. The home that held so many memories, good or bad, may not be allowing you to move on with your life.
Will you need to withdraw money out of your retirement to keep up with the expenses? Or get a second or third job, just to keep your head above water. Or are you already drowning from results of your divorce and marital debt?
Is your time, health and mental state, really worth holding on to a home that was originally meant for the two of you? It may be time to sell your house after a divorce, and take the proceeds to start a new life.
Selling Your House
The time has come, either through the court or mutual agreement, and you are now being forced to sell your house after divorce.
According to Bankrate “In the current market, that’s easier said than done, especially for those who owe more on their mortgages than their houses are worth. They would have to either pay off the difference on the loan or opt for a short sale.”
Paying for the mortgage may become impossible, due to one paycheck instead of two. Opting to ignore the issue will only make matters worse. Has the thought of potentially beginning the process of selling your home, due to divorce, more than you can bare.
Foreclosure or short sale may feel like the only option. Yet it may be a decision you will pay for, for many years to come. A foreclosure guarantees to affect your credit score and future large purchases. Yet a short sale may leave the couple liable for the difference if the house sells for less than owed on the mortgage.
Or have you began the process of Selling your house but due to the market or condition of the home you can’t sell your house after divorce?