Debt in her name - my responsibility.....

[amkillingsworth]

What is the name of your state? CO

In our Separation Agreement relating to real estate it states that I am to get the house, that it is my responsibility to refinance it out of her name (solely in her name currently) and assume the debt. Problem is this: At the time of our divorce (9 mos ago) we both assumed the property was still worth at least what it was purchase for 2 years ago. I had it appraised and it is now worth 25k less than what the loans are for. The divorce states any proceeds made on the property or money owed FOLLOWING the transfer of ownership husband will assume. There is also no mention of these loans listed under debts where I have agreed to indemnify her and hold her harmless. I can not get a loan to refinance the ones in her name and the rate just adjusted and I can't afford to keep making the payment anymore. Does she have any legal recourse if I move out and mail her the keys? I am certainly not trying to put her in a bad position, but she has been completely uncooperative and unwilling to even discuss this with me. I have made every attempt to comply but it is impossible for me to which I believe will keep me from being in contempt if I show proof of this. This was all done without attorneys (obviously) and there is no date that I had to have it done or anything like that. Any help would be appreciated.What is the name of your state?

 

[LdiJ]

What is the name of your state? CO

In our Separation Agreement relating to real estate it states that I am to get the house, that it is my responsibility to refinance it out of her name (solely in her name currently) and assume the debt. Problem is this: At the time of our divorce (9 mos ago) we both assumed the property was still worth at least what it was purchase for 2 years ago. I had it appraised and it is now worth 25k less than what the loans are for. The divorce states any proceeds made on the property or money owed FOLLOWING the transfer of ownership husband will assume. There is also no mention of these loans listed under debts where I have agreed to indemnify her and hold her harmless. I can not get a loan to refinance the ones in her name and the rate just adjusted and I can't afford to keep making the payment anymore. Does she have any legal recourse if I move out and mail her the keys? I am certainly not trying to put her in a bad position, but she has been completely uncooperative and unwilling to even discuss this with me. I have made every attempt to comply but it is impossible for me to which I believe will keep me from being in contempt if I show proof of this. This was all done without attorneys (obviously) and there is no date that I had to have it done or anything like that. Any help would be appreciated.What is the name of your state?

Yes, she has all kinds of legal recourse. You agree to accept full responsibility for the house and to get it refinanced, and to accept any loss of equity. That's a contract.

She doesn't have to cooperate with you on anything other than what the contract requires her to cooperate on.

If you don't do what you contractually agreed to do, you are in contempt.

I do understand your problem, but you can't just walk away from it legally.

 

[amkillingsworth]

In everything I have read you can't be held in contempt if you can prove it is impossible to comply. I have an appraisal showing the property is worth 25k less than she bought it for and several declinations from lenders stating they can not lend on the property due to the current balances on mortgages exceeding the value of the property. I'm just trying to understand how I am suppose to comply with this when it is impossible and she will not cooperate with me trying to get information from the lenders. Wouldn't that mean she is impeading my ability to comply?? Also, I did not agree to "indemnify and hold harmless" against this debt, doesn't that count for something?

 

[LdiJ]

In everything I have read you can't be held in contempt if you can prove it is impossible to comply. I have an appraisal showing the property is worth 25k less than she bought it for and several declinations from lenders stating they can not lend on the property due to the current balances on mortgages exceeding the value of the property. I'm just trying to understand how I am suppose to comply with this when it is impossible and she will not cooperate with me trying to get information from the lenders. Wouldn't that mean she is impeading my ability to comply?? Also, I did not agree to "indemnify and hold harmless" against this debt, doesn't that count for something?

Do you not understand what this sentence means:

The divorce states any proceeds made on the property or money owed FOLLOWING the transfer of ownership husband will assume.

 

[Ohiogal]

In everything I have read you can't be held in contempt if you can prove it is impossible to comply. I have an appraisal showing the property is worth 25k less than she bought it for and several declinations from lenders stating they can not lend on the property due to the current balances on mortgages exceeding the value of the property. I'm just trying to understand how I am suppose to comply with this when it is impossible and she will not cooperate with me trying to get information from the lenders. Wouldn't that mean she is impeading my ability to comply?? Also, I did not agree to "indemnify and hold harmless" against this debt, doesn't that count for something?

You would be in contempt if you walk away from it. It is possible to comply. YOu can take on a second job to earn more money to pay for the house. You should have gotten the appraisal PRIOR to the divorce and then you would not be in this situation. How is she impeding your ability to comply?

 

[amkillingsworth]

Are you reading what I am saying?
I am responsible for the debt FOLLOWING the transfer of ownership**************ownership has not transfered - it is all still in her name. I didn't agree to be responsible for an additional 25k in debt. And to reply to her impeading my ability to comply - EVERYTHING is in her name and the mortgage holders will not release any information to me without her consent which she has refused to give me, on top of which I am already working a second job trying to pay the mortgage she agreed to prior to us being married.

Are you people here to help or to give everyone a hard time? If it is such an inconvenience to help the people on here - who are obviously here looking for help, why are you here? We are not attorney's, we are average people looking for a little advice and a sounding board for our concerns and problems which is what I thought this site was for.

 

[Ohiogal]

Are you reading what I am saying?

Yes we are reading what you are saying. You however are not comprehending what you it is you signed.

I am responsible for the debt FOLLOWING the transfer of ownership**************ownership has not transfered - it is all still in her name.

And you are REQUIRED to transfer it to your name.

I didn't agree to be responsible for an additional 25k in debt.

Yes you did.

And to reply to her impeading my ability to comply - EVERYTHING is in her name and the mortgage holders will not release any information to me without her consent which she has refused to give me, on top of which I am already working a second job trying to pay the mortgage she agreed to prior to us being married.

Then why did you agree to keep the house? You could have just sold it and split the debt. You could have agreed to that. But you did not. You agreed to refinance the house and take it out of her name and assume all the debt. You could have gotten the home appraised BEFORE agreeing to this deal. You CHOSE not to. You CHOSE not to hire an appraiser and assume. That was your mistake and no one's fault but your own.

Are you people here to help or to give everyone a hard time?

We are helping but giving you the LEGAL answer and you are whining because you do not like it.

If it is such an inconvenience to help the people on here - who are obviously here looking for help, why are you here?

if you don't like the answer why are you asking the question? You want someone to say do whatever and it won't matter. It doesn't work that way.

We are not attorney's, we are average people looking for a little advice and a sounding board for our concerns and problems which is what I thought this site was for

This is not a sounding board. This is a legal advice site. You are being told legally the correct answer. The fact that you do not like it is on you! You had choices and YOU made mistakes. YOU are the one who has to live with them.

 

[LdiJ]

Are you reading what I am saying?
I am responsible for the debt FOLLOWING the transfer of ownership**************ownership has not transfered - it is all still in her name. I didn't agree to be responsible for an additional 25k in debt. And to reply to her impeading my ability to comply - EVERYTHING is in her name and the mortgage holders will not release any information to me without her consent which she has refused to give me, on top of which I am already working a second job trying to pay the mortgage she agreed to prior to us being married.

Are you people here to help or to give everyone a hard time? If it is such an inconvenience to help the people on here - who are obviously here looking for help, why are you here? We are not attorney's, we are average people looking for a little advice and a sounding board for our concerns and problems which is what I thought this site was for.

The agreement is what actually transferred the ownership to you. The refinancing is merely the final step in the process.

Look, I understand that you have a problem. You are going to have to get creative and try to find a way to solve it. However walking away isn't going to cut it.