Must I refinance if the divorce decree orders me to so?
Question Details:
I was divorced about 2.5 years ago and the decree stated I was to refinance the home and not hold him responsible. I was never able to do so, and with the market, there is about $20k in neg equity. I could probably get approved now, but wouldn't have the extra money. I'm at the point after trying to sell it for nearly two years that I would rather foreclose on it and move on as he has. I can accept what a foreclosure will do to my credit, but I'm worried about what he or a bank could do to me since I was ordered in the decree to refinance it.
Divorce, Marriage, Alimony Law Answers
You could go back to court and request a modification of the divorce decree to take out the provision for refinancing the home. You simply state your current situation to the court. Perhaps your request will be granted and you don't need to worry about violating the terms of the decree.
To find out if you have other legal options, I would consult a family law attorney in your area. After reviewing your current situation and finances, the attorney can best advise you on your legal options.
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