Housing market and mortgage woes create troubles for divorcing couples
Though Houston is reportedly one of the areas least affected by the economic downturn, the city is not without its share of troubles. The quandary of what to do with the house has always been an issue in divorce cases, but my practice is encountering an increasing number of people in financial turmoil with respect to the house. Selling property and dividing proceeds was a good option for couples where neither could afford to stay in the house alone. Selling is still an option, but with the mortgage lending crisis and surplus of available homes, no one can predict how long the house will remain on the market.
Unless you and your spouse are on exceptionally good terms during the divorce, usually someone has to move out. Before deciding on who stays and who goes, consult a real estate agent and educate yourselves on optimum ways to stage a house so it is appealing to potential buyers. For more information on realtors in the area, visit the Houston Association of Realtors.
Remember – if you and your spouse signed the deed of trust then you’re both responsible for the mortgage note regardless of who remains in the house. The court cannot make the mortgage lender remove either party from the agreement. Even though you may despise your soon-to-be ex, it’s in each party’s interest to make sure the house is sold and for the best possible value.
