Posted on: 17th Nov, 2009 02:52 pm
My Ex-wife and I own two properties together ( not by choice ). The first is the home she lives in and this property also has a second on it. The second piece of property is bare land which is paid for free and clear.
I have been paying the interest only payments on the 2nd ever since the divorce ( just over 1 year ). I had agreed to this on the condition that we sell the bare land and pay off the second. The home and the land are in a mountain community and I live 40 miles down the hill in the city. I’ve asked my Ex to get a local Realtor to sell the land, but she keeps dragging her feet.
So my question is this, what happens if I simply stop paying the 2nd and the Taxes on the land. ( the taxes on the Home are in an impound account built into the mortgage payment which she makes with the child support money I pay). I need a way to leverage her into selling the property. I’d like to let her know that if she does not find a Realtor I will stop paying the Taxes, the 2nd and the Association Dues required on Both Properties.
Now, if I stop paying on the 2nd, wouldn’t the mortgage company be able to attach my wages to get paid? This isn’t a case where I’m not able to pay, just don’t want too anymore and can’t get out because she won’t sell. And what about the TAXES; now were talking about having the County on my back and the associations dues, well not as worried about those guys there small time compared to the County and mortgage co.
I guess technically, I’m also on the hook for the 1rst, but If she stopped paying that, they’d just foreclose on her. I suppose the company with the second could also do that.
So let’s recap:
I have 4 liabilities:
1. 1rst $179,000 House is worth $200K Maybe?
2. 2nd $65,000
3 Taxes on the Property $750 a year
4. Association Dues $1,200 a year
I have two assets ( of any value )
1. Bare land Taxed on an estimated value of $69,000
2. Home with Mortgage that I live in ( Don’t want this affected ).
Any suggestions?
I have been paying the interest only payments on the 2nd ever since the divorce ( just over 1 year ). I had agreed to this on the condition that we sell the bare land and pay off the second. The home and the land are in a mountain community and I live 40 miles down the hill in the city. I’ve asked my Ex to get a local Realtor to sell the land, but she keeps dragging her feet.
So my question is this, what happens if I simply stop paying the 2nd and the Taxes on the land. ( the taxes on the Home are in an impound account built into the mortgage payment which she makes with the child support money I pay). I need a way to leverage her into selling the property. I’d like to let her know that if she does not find a Realtor I will stop paying the Taxes, the 2nd and the Association Dues required on Both Properties.
Now, if I stop paying on the 2nd, wouldn’t the mortgage company be able to attach my wages to get paid? This isn’t a case where I’m not able to pay, just don’t want too anymore and can’t get out because she won’t sell. And what about the TAXES; now were talking about having the County on my back and the associations dues, well not as worried about those guys there small time compared to the County and mortgage co.
I guess technically, I’m also on the hook for the 1rst, but If she stopped paying that, they’d just foreclose on her. I suppose the company with the second could also do that.
So let’s recap:
I have 4 liabilities:
1. 1rst $179,000 House is worth $200K Maybe?
2. 2nd $65,000
3 Taxes on the Property $750 a year
4. Association Dues $1,200 a year
I have two assets ( of any value )
1. Bare land Taxed on an estimated value of $69,000
2. Home with Mortgage that I live in ( Don’t want this affected ).
Any suggestions?
>>I had agreed to this on the condition that we sell the bare land and pay off the second.
How long did you agree upon? 1 year? 2 years? Or was your agreement open-ended?
How long did you agree upon? 1 year? 2 years? Or was your agreement open-ended?