Legal Question in Real Estate Law in Massachusetts

Re: Buy out

Hi and Thanks for Writing -

The issues of divorce and dealing with the "marital homestead," i.e. "who gets to live there" and "who pays for it" can be confusing - and every case is different.

You may be able to have the court sell the house, or you may be able to put some language in your divorce agreement ordering the house to be sold in the future, and there are other possible outcomes.

My name is Len Foy and I am a practicing real estate and divorce attorney in Massachusetts and New Hampshire. Our firm has an office in Methuen, Mass. - if you'd like a consultation please contact my office at (603) 434-3437, or send me an email at [email protected]. I hope to hear from you -

Good Luck -

Len Foy, ESQ.

Re: Buy out

One possible consideration might be his buying you out with a PROMISSORY NOTE SECURED BY A SECOND MORTGAGE as part of a comprehensive settlement agreement.

Re: Buy out

The details concerning the best way to arrange transfer of the mortgage obligations in order to free up present cash flow wil vary based on the financial obligations of all parties. Depending on the mortgage obligation and home equity, if any, and your respective present incomes, an arrangement can be made to either refinance the home in one name only, or obtain a court order requiring one party to pay the mortgage in exchange for retaining possession. If this is not feasible, then we can get the court to order the immediate sale of the home so as not to encumber you financially. Are there any children involved?

Please feel free to e-mail or telephone me with any questions you may have. (978) 250-4255.