buying matrimonial home

[momof 3C's]

To bring everything up to date. I had a mediation appointment today. I am trying to buy the matrimonial home at $180000. I currently has a mortgage of $113000, back taxes $6600. To take over the house with a new mortgage I thought I would obtain a new mortgage at 113000 plus my 3300 share of the taxes. My spouse has other assets worth 75000 and I have 3100. I know there will be a charge to remove his name from the deed. The mediator says I will pay 180000 and the lawyer will take the back taxes off and his fees and land transfer and real estate fees. Can any shed light on how this will work?

Sherri

[Stargate]

To purchase the matrimonial home all you just need to do is buy out his share of the matrimonial home which is 50% of the market value of the home. What is the approximate market value of your home?

[momof 3C's]

real estate market value is $180000 with a mortgage of 113000=$67000.Then $67000/2 is $33500 but with the back taxes due he should be responsible for half of the $6600 which would be $3300. I am figuring before back taxes we each have $33500 value in the home but if I pay the full back taxes to remove his name then his share should decrease by the $3300 of his taxes I pay. My share would be $33500 and his share $30200 if I understand this correctly. Do we need to pay real estate fee? I understand a lawyer is needed.

[Stargate]

Originally Posted by momof 3C's

real estate market value is $180000 with a mortgage of 113000=$67000.Then $67000/2 is $33500 but with the back taxes due he should be responsible for half of the $6600 which would be $3300. I am figuring before back taxes we each have $33500 value in the home but if I pay the full back taxes to remove his name then his share should decrease by the $3300 of his taxes I pay. My share would be $33500 and his share $30200 if I understand this correctly. Do we need to pay real estate fee? I understand a lawyer is needed.

If the value of the matrimonial home is $180,000 then you are only responsible for 1/2 of that or $90,000 to buy out his share.

You should definitely get a lawyer to at least calculate equalization else you can end up paying more than you should. Just retain the lawyer on an hourly basis. Have you and your ex done sworn financial statements?

[standing on the sidelines]

Originally Posted by momof 3C's

real estate market value is $180000 with a mortgage of 113000=$67000.Then $67000/2 is $33500 but with the back taxes due he should be responsible for half of the $6600 which would be $3300. I am figuring before back taxes we each have $33500 value in the home but if I pay the full back taxes to remove his name then his share should decrease by the $3300 of his taxes I pay. My share would be $33500 and his share $30200 if I understand this correctly. Do we need to pay real estate fee? I understand a lawyer is needed.

when I had my ex removed from the deed and mortgage on the house all we did was go to a lawyer. There were no real estate fees etc.