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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: New Sub 2 wife won't sign
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escrow
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« on: August 10, 2016, 03:32:57 PM »

Have a great sub 2 deal husband is ready to sell wife won't sign it's a divorce they just want to walk away from the house.   Trying to get it how can I covince the wife?
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Gold River
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« Reply #1 on: August 10, 2016, 05:45:32 PM »

Hi,

    If they are already in divorce court I would walk away, while you might be able to buy the house in divorce court with judges permission and a new mortgage the idea of still having underlying financing with presumable both parties names on the loan probable won't cut it in court.

Any transaction regarding divorced property is subject to court permission and order and the judge can "Claw Back" any transaction that clearly does not separate both parties legally including their credit!

The judge will probable assign a trustee to sell the house to someone who will get a new loan and depending on the state ensure it's a retail arms length transaction. (Some states allow a wholesale sale but not all)

Like was said in a song "You've got to know when to hold them, know when to fold them, know when to walk away and know when to run"!

No transaction can happen on this property without court approval and unless your prepared to put a down payment and new financing in place forget it, the judge will not allow an old loan to be left in place showing either party as this asset will have to go!


                  GR
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Bill H
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« Reply #2 on: August 11, 2016, 11:15:41 PM »

Just as an aside.

Had a smilar case when I was in Seattle. Major attorney downtown and his wife...he called me as he knew I was in the business. He said hold on a minute while I close the door as the firm wold shove me out if they knew. We chatted and came to the same conclusion that Gold River described....leave it ALONE if the wife will not SIGN.
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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: New Sub 2 wife won't sign
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