Posted on: 01st Oct, 2010 09:31 pm
my divorce decree says i'm responsible for mortgage and home equity loan payments until the house is sold, and that upon sale i get 40% of the profits from the sale (after loan re-payment, commission, closing costs).
the mortgage and home equity plus my alimony are becoming too much for me to pay, and we haven't had an offer to buy the house.
if we do get an offer, i expect my ex not to accept it, because she will feel it's too low, and she is hoping the real estate market will improve.
(she is mentally ill.)
what are my options besides to go into foreclosure?
the mortgage and home equity plus my alimony are becoming too much for me to pay, and we haven't had an offer to buy the house.
if we do get an offer, i expect my ex not to accept it, because she will feel it's too low, and she is hoping the real estate market will improve.
(she is mentally ill.)
what are my options besides to go into foreclosure?
Hi Joe Losing His Shirt,
Welcome to mortgage fit,
Legally you are responsible for paying mortgage & home equity loan and alimony but you are not bound to sale the property at certain amount as per divorce decree.
So, you can ask your lawyer (Divorce attorney) about this and get a judgment for sale of the property (at best price according to you) and then pay off the mortgage and home equity loan....
Alimony can be paid from the 40 % profit from the sale of the house.
Feel free to ask any further query if you have....
DIPA
Welcome to mortgage fit,
Legally you are responsible for paying mortgage & home equity loan and alimony but you are not bound to sale the property at certain amount as per divorce decree.
So, you can ask your lawyer (Divorce attorney) about this and get a judgment for sale of the property (at best price according to you) and then pay off the mortgage and home equity loan....
Alimony can be paid from the 40 % profit from the sale of the house.
Feel free to ask any further query if you have....
DIPA