MarshDenny
New Member
- Jurisdiction
- Florida
I own a home with my ex-wife. We are both on the title, and we are both on the mortgage. The house is a rental property, but has negative equity. I would like to have full ownership and responsibility. The bank tells me I cannot assume the loan because it is not my residence. I also cannot pursue traditional refinance because the house has negative equity. However, I have located a partner who will loan me the cash to satisfy the full balance of the mortgage.
My question is, what are the positives and negatives between, Option A: Ex-wife quit claims herself off the deed, and then I pay off the bank? Or Option B: Go to a title company and process something like a sale with a full transfer where I am the buyer, and her and I are the seller.
I realize Option B is more expensive, so I would really like to know if Option A is simply a bad idea. And...is there an Option C I should be considering?
My question is, what are the positives and negatives between, Option A: Ex-wife quit claims herself off the deed, and then I pay off the bank? Or Option B: Go to a title company and process something like a sale with a full transfer where I am the buyer, and her and I are the seller.
I realize Option B is more expensive, so I would really like to know if Option A is simply a bad idea. And...is there an Option C I should be considering?