Can I force a refinance of marital property to get my name off of a mortgage after divorce? ?

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My exhusband is not paying the equity loan and it is destroying my credit. I want him to refinance both the first mortgage and equity loan, but he says he cannot afford it and with this market there is no equity to buy me out. Can I force him to refinance? Most likely he will be denied because of his very poor credit history. At that point can I force the sale of the house?

  1. Reply
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    May 1, 2011 at 7:02 am

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  2. Reply
    Mitch Irwin
    September 19, 2013 at 11:37 pm

    It depends on the language in your divorce decree. Most good attorneys will insert language regarding putting the home on the market if he defaults. You are correct in that if he has late payments on credit he will not be able to refinance the home and the limited equity pretty much rules out selling. It’s a tough call and depends if he can “get caught up and stay caught up” or not, If he can, give him a year to refinance as that is what it will take, but if he truly can’t afford it then I would suggest selling it and talking to a realtor to determine if upside down or not. Figure out how much the negative equity is. If its a decently low number I would do everything possible to avoid the credit hit of a short sale or foreclosure. But if its a large number then you will want to talk to an agent that specializes in those to aid in negotiation. Sometimes it is better to do that right away than to dag out the late payments over the next year or so and still end up at the same result. Leet me know if I can be of help. I can’t sell you anything, but would try to point you in the right direction. Mitch Irwin 612-210-3640.

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