Going through a divorce is unpleasant at best, and when there are Los Angeles houses to “split,” it can get even more unpleasant.
You and your soon-to-be ex-spouse may agree on the property division and a court may assign ownership of the house to one of you, but if you have houses in Los Angeles and multiple mortgages and you both signed, you’re both still liable for the payments. As you might expect, the bank has no interest in your divorce, and no desire to simply let one of you “off the hook” for the payments. For them, the more people responsible, the better.
That means you’re financially tied together until the Los Angeles houses are either sold or refinanced by the person in possession. If it took two incomes to qualify in the first place, keeping the house may not be an option.
More troubling to some is that if there’s no refinance for a Los Angeles house, the payment history will appear on both of your credit reports. If the person responsible for making payments falls behind, you’ll both suffer.
Splitting Your Los Angeles Houses and it’s Mortgages
For many couples, selling is the best choice, but even that can be stressful. Unless your divorce decree involved one of you signing a deed to transfer full ownership to the other, you’ll have to reach some agreements.
First you have to agree upon an agent, then you have to agree upon the price. Then you’ll have to agree again when it’s time to consider offers.
The agent you choose can be your key to success.
You need an agent who will be patient and sensitive to your needs, who will never divulge your motivation for selling, and who will never, ever take sides. You may also need an agent who is willing to meet with you separately.
Finally, you need an agent who will present you with a clear market analysis on Los Angeles houses and show you your home’s true market value, so you need not have conflict over the listing price.
If you’d like to know how else I can help you get through this trying aspect of your divorce, give me a call. Get a free copy of my book, “Best Selling Options in a Divorce”