Divorce, Bankrupcy, And A Job Transfer
I have a very motivated seller who is being transferred across the country in 2 weeks. He is willing to let his house go for what he owes on it and open to letting me take it subject-to. He is in the process of a divorce but currently separated. The separation agreement states that his ex was supposed to deed her interest in the property to him simultaneous with the signing of the separation agreement. She has not deeded him the property and is now contesting the separation agreement and is also getting ready to declare bankrupcy.
The ex is on the deed but not on the mortgage. She is being rather vindictive and doesn't care if it goes into foreclosure.
Can anyone suggest a way to save this deal or a way for this guy to get a marketable title (and pretty quickly)?
Thanks
Rocko,
Glad to meet you.
After reading your post this deal reminds me of when Willie Nelson sings "On The Road Again", which is where you should be instead of trying to put this deal together.
There are many variables and anyone one of them can stop the deal or as Judy Garland says "Somewhere Over The Rainbow", but I really would advise you, I see no pot of gold here.
John $Cash$ Locke
If you really feel this is a deal you want. Can you insentivise the wife to sign over the deed? Give $5000? Your getting not the husband, which might make her happy.
One it's part of the bankruptcy, it gets even more complicated.