So this is pretty off topic, and I think I may know the answer but going to hope I am wrong.
The wife and I are divorcing. We bought a house about 4 years ago. She does not want the house but I would like it. The loan is in her name so I would need to buy the house from her, I assume. Credit for both of us in not an issue but cash would be with everything else going on. The house has approximately $15K in equity. The title to the house is in both our names.
So my question is can I buy the house for the difference in value and amount owed and use the equity as down payment? Essentially she would get $7,500 from selling house to me and I would use the $7,500 in equity as downpayment. I know there will probably be fees and such so it might not be exactly $7,500 but I am just rounding here.
Any other ideas or suggesstions would be great if any real estate guys on here.