In most cases, the value of a mortgage buyout will be based on the amount of equity in a home in Queens.
Are There Any Exceptions That The Mortgage Buyout Can Be Based On?
There are exceptions, such as when a house is “underwater” and there’s no equity to share, just debt, in which case one spouse would be assuming 100% of the debt as well as being stuck in a house they can’t get rid of.
In that case, alternative strategies should be explored, including short sales, foreclosure, or allowing one spouse to remain in the home with an agreement to divide equity in the future after appreciation occurs.
Deciding how to handle mortgage buyouts or other avenues to dispose of high value assets like homes is a critical and often difficult negotiation in any divorce.
The attorneys at Zelenitz, Shapiro & D’Agostino can help you understand all your options, and craft the best strategy for a mortgage buyout when your marriage ends.
If you have questions regarding a mortgage buyout, call us today at 718-523-1111 for a free consultation with an experienced Queens divorce attorney.