Legal Question in Real Estate Law in Ohio

I own a property that was premarriage in the state of Ohio. I owe more than it is worth. My name is on the title only and I currently have it in a short sale. The price is reduced due to the economy to $69,900 or best offer close to that. Can my husband who is not on the deed make an offer at the price to purchase the property? He would have to take out a loan to do this. Is there a legal way to do so? I owe $109,000 but, again the property has devalued due to the economy. I am not working. Looking, for a job, but nothing so far. We do not live in the home. I am trying to do the right thing. Otherwise it will go into foreclosure. I would rent it out, but would have to charge too high of a price to cover the current payments. Thank you.


Asked on 9/30/11, 8:11 am

1 Answer from Attorneys
Nancy Fioritto Patete Nancy Fioritto Patete, Esq.

In other words, your husband is willing to satisfy the existing loan via short sale. It certainly can't hurt to discuss this proposal to the lender. If the two of you are not faced with bankruptcy, this might be a possibility.

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Answered on 9/30/11, 5:22 pm


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