Q: My spouse and I are separated and maintain two homes in different states. Both mortgages are in my name only. My primary residence is underwater and I have no choice but to keep it and hope the market improves. The primary home which my wife occupies has equity and she can easily qualify for a home loan in her name alone. Both loans have always been paid on time with no missed payments. Can I sell my wife?s primary residence to her which she has occupied for three years as her primary residence?
?Michael, Charlotte, NC
A: Of course you can sell it to her, or anyone else? as long as you have the legal right to sell it. By ?right to sell? I mean you are the sole owner on the deed and no family/divorce laws in your state prevent you from selling at this time (while going through a separation).
You stated that your wife ?can? qualify for a loan. Does she want to do so? Do the two of you agree on a purchase price and does your estranged wife desire to purchase the house? Can she prove that she?s been making the payments on the house for the past 3 years (show canceled checks to a new lender)?
Since you are separate and not divorced, I assume your assets have not been legally divided between the two of you yet. Did you own the house before marriage or buy it as a married couple? How do you hold title? Is the deed held jointly or in your name only?
I?m not an attorney and cannot give you legal advice, however, I can share my opinion based on my experience.
You should consult with an attorney to learn what the laws are in your state. Most attorneys will provide a one-hour consultation for a few hundred dollars. It?s worth it!
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.
A: Are the mortgages tied to one another? If not, I don?t see why your wife can?t purchase the home from you.
Joan Flood is a Realtor? with Dagmer Chew HomeStead Real Estate Co in Cape May, NJ.
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