The judge can order you to make reasonable efforts to refinance the loan. He can't actually require it, because he can't force a bank to give you the loan. But, look at the divorce decree to see what it says. If it only says that you have to make payments, you don't have to refinance it, either.
It's essential to realistically assess whether you can comfortably afford the home on your own. This includes mortgage payments, property taxes, and ongoing maintenance costs. Additionally, if you wish to retain the home, be aware you may need to refinance the mortgage to remove the other spouse's name.
You would need to file a motion before the court which issued the original decree or order to force your ex to complete the refinance or be held in contempt of court. In the event he is held in contempt the court can assess sanctions including your costs and attorney fees, as well as other damages.
How does divorce financially affect women? Generally, women suffer more financially than do men from divorce.
If you want to keep the house and don't have enough equity to do a cash-out refinance or the money to pay your ex their share, the solution might be a home equity line of credit (HELOC) or home equity loan.
Answer: If your ex-spouse refuses to refinance the mortgage, you may have several legal options available to you. You can file a lawsuit, file a motion with the court, or try to negotiate an agreement with your ex-spouse.
Both ex-spouses take a loss, but typically, men suffer a larger hit to their standard of living than women — between 10 and 40% — due to alimony and child support responsibilities, the need for a separate place to live, an extra set of household furniture and other expenses.
The date a divorcing couple separates can significantly affect the valuation of marital assets and debts during the property division phase. By staying in the house until you iron out all property, financial, and custody issues, you can prevent more elaborate legal disputes from occurring later.
What is Silent Divorce? In a silent divorce, the couple is legally married, but they have lost the emotional bond they once had. Although they live together and appear to have a regular marriage, they live separate lives. The couple typically lives in the same house but has limited to no interaction.
What disqualifies me from refinancing? Homeowners are commonly disqualified from refinancing because they have too much debt. If your DTI is above your lender's maximum allowed percentage, you may not qualify to refinance your home. A low credit score is also a common hindrance.
If Your Spouse Isn't Paying the Mortgage
The bottom line is that your soon-to-be ex remains just as financially responsible for your shared mortgage as he or she was before (even if only you are living there while your divorce is pending).
The court has the power to freeze your bank accounts and other marital assets when you're in the middle of a divorce. We're not just talking about the house, cars, and furniture. Marital assets can include insurance policies, bank accounts, inheritances, and more.
If all else fails and you cannot refinance your house or your lender declines to release you of liability, the next best thing to do is to sell your home and split the proceeds with your ex-spouse.
You can take legal action against them for breaching the agreement you both made or seek a court order to force the sale of the property. It's important to consult with a lawyer to understand your legal rights and options and to make the best decisions for your situation.
The most common reason why refinance loan applications are denied is because the borrower has too much debt. Because lenders have to make a good-faith effort to ensure you can repay your loan, they typically have limits on what's called your debt-to-income (DTI) ratio.
Yes, you can keep a joint mortgage after a divorce, but it requires both parties to be diligent in making payments and leaves both liable for any that are late or missing.
No, a person is not "automatically" entitled to half the equity in real estate just because they purchased the property with another person. The amount of each owner's fair share of the equity may need to be determined by a judge if the two people can't agree on the amounts.
Yes, you can refuse an appraisal in a divorce. This is especially true if you think it is inaccurate or unfair. But, refusing the appraisal amount may lead to more talks. These could be negotiation, mediation, or even a lawsuit to resolve the disagreement.
Negotiate with Your Spouse: If you and your spouse are on good terms, you can negotiate a settlement agreement that outlines the terms of your divorce. This can save you both time and money. Sell Assets: If you have assets, such as a home or car, you can sell them to generate funds for your divorce.
However, going through a divorce can be a very difficult and life changing experience. It may take time for a person to adjust and that amount of time is different for everyone. There are several ways a person can help themselves move on and start fresh.