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- 14200 E Deer Creek Road, Newalla, Oklahoma 74857
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Navigating a divorce is difficult. Selling a house during divorce just adds to the stress. Even under the best conditions, there can be challenges along the way when determining what to do with your home. Sometimes, couples are forced to stay together financially due to home ownership.
While you have many choices, typically the best option is to sell. However, that option may not be easy in the current market, especially if you owe more on the mortgage than your house is worth. If this is the case, you’ll need to pay off the difference on the loan or go for a short sale.
The downside of a short sale when you divorce selling a family home is that both of your credit scores are impacted. In addition, you both could still be responsible for the difference the house sells for and the amount still owed on the mortgage. However, banks could always decide to release you from the liability during the short sale.
In a short sale, the difference between the total mortgage debt and the sale price is the "deficiency." For example, say your lender approves a short sale for $300,000, but you owe $325,000 on the loan. The difference—$25,000—is the deficiency.
If your mortgage lender forgives the “deficiency” amount after a short sale, you might owe federal taxes on the forgiven amount because it's considered income by the IRS !!!
Attempting to refinance your house after a divorce is another option as long as you’re not underwater on the mortgage. This only works if one of you agrees to let the house go and the other, who’s refinancing, has a good credit score and income. If you plan to keep your home, you’ll want to make sure you can afford all of the expenses on your own.
Another thing to consider when selling a house during divorce is housing options in your community if that’s where you plan to stay.
Force 4 Good Properties buys homes AS IS. After buying your home, we offer moving, packing, storing, repurposing and disposal resources too. We want this process to be quick and simple for you. Our team handles all of the paperwork so you can focus on other things. You won’t have to worry about any repairs, you save on commission costs and you can receive a quote in 24 hours.
Force 4 Good Properties gives you a cash offer within one day and you can schedule closing on your timeline. You’ll have quick cash and can immediately begin prioritizing your financial goals.
If you need to sell your house fast and would like to get a no-obligation cash offer, call us now at 405-317-9747. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.
