Diane Neumann is a licensed real estate broker. Unfortunately the real estate interest area is down and in many areas it has tanked. This is a serious problem affecting millions,and, unfortunately, often makes the financial decisions more difficult.
Depending on the specific facts of the case, possible decisions include:
- Continued joint ownership, where you share the ongoing mortgage payment and arrange for a sale or buyout at a future date
- Joint ownership - with one party assuming responsibility for the ongoing mortgage note as part of the divorce settlment
- A sale of the marital residence, whereby one or both people take responsibility for a portion or all of the mortgage debt, or
- A short sale of the martial residence to the mortgage company, where the full amount of the mortgage note is the sale price, and, of course, allows the property to go into foreclosure.
There are significant tax consequences to each of them. Diane Neumann & Associates will help you understand the tax ramifications of the choice you make.
Diane Neumann is a licensed mortgage broker
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