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Updated about 11 years ago,
Divorce-May need some Pro suggestions
So a friend of mine who is currently divorced, called to ask my opinion of this situation. I know they may need to consult an attorney but I wanted some input on this situation from my favorite forum Bigger Pockets:
Both names are on these properties. Him and his wife divorced a few years back, she kept the house in CA which eventually went into foreclosure (she just stopped paying even though she could afford the payments), he kept the house in VA which was in the documented in the divorce decree. He has made all the payments (even fell behind on some payments but did catch up and now current). Due to the foreclosure the California property he hasn't been able to refinance since his credit was affected and from what he says his interest rate is about 4%.
She has now given him 60 days notice in writing via email to refinance to remove her name from the property in VA and threatening if he doesn't refinance, she will put a lien on his pay check and other properties (investment rental properties) that he has acquired since the divorce. He has consulted with a Real Estate Agent in the last 2 months and the property is clearly under water but has it rented on a 2 year lease.
Any suggestions or opinions on this situation?