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Separated Couples Sharing the Same Residence
Bob and Carol have been married for 10 years and have an eight-year-old son. Shortly after their marriage, they bought a house for $400,000 and now have a mortgage with a balance of $390,000. It's a nice, three-level house including a family room with a bathroom on the lower level. They are current on all payments due on the mortgage. However, because of the downturn in the real estate market, the house currently would appraise for approximately $350,000.
Over the past couple of years, the couple's relationship has deteriorated and now they have decided to separate. The problem is, with the devaluation of the real estate market, it would be difficult to sell their house right now, and even if they could, the costs of sale and the low appraisal value would mean that the house would sell for less than the balance on the mortgage.
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