Hi,

I was divorced in May 2010. My ex-wife and I currently own a condo in the South Loop neighborhood of Chicago. We have attempted to sale the condo on two different occasions, but we’ve had no luck so far.
Two big questions:

1) The condo is currently worth $300K. We purchased it for $359K, but owe $340K. My ex-wife currently lives in the condo, but cannot afford to entire cost of the mortgage. I can, and I would like to take ownership of the condo. My wife's agrees with this proposed arrangement, but would like for me to pay her roughly $10K in anticipation of the value going up in the next 5 to 10 years. Is it me, or does it sound ridiculous?

2) We would like to modify our current loan. However, our application was denied? Can you provide us with some advice on how to appropriately complete the application?

Thank you,
Anthony
amcphearson@ameritech.net

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 Tags: Advice, Divorce, Sale

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